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Revolving Line of Credit
9 Months Ended
Oct. 29, 2016
Line Of Credit Facility [Abstract]  
Revolving Line of Credit

(6) Revolving Line of Credit

The Company has a senior secured revolving credit facility (“Revolving Line of Credit”) with Wells Fargo Bank, National Association (“Wells Fargo”) that provides for borrowings in the aggregate amount of up to $135,000, subject to a borrowing base calculation.

 

As of October 29, 2016 and January 30, 2016, the Company had $94,868 and $31,202, respectively, in outstanding revolving loans under the Revolving Line of Credit. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box arrangements, which were $9,555 and $5,939 as of October 29, 2016 and January 30, 2016, respectively. As of October 29, 2016, the Company had stand-by commercial letters of credit of $1,200 under the terms of the Revolving Line of Credit.

 

The Revolving Line of Credit contains customary affirmative and negative covenants, including covenants that limit the Company’s ability to incur, create or assume certain indebtedness, to create, incur or assume certain liens, to make certain investments, to make sales, transfers and dispositions of certain property and to undergo certain fundamental changes, including certain mergers, liquidations and consolidations. The Revolving Line of Credit also requires us to maintain a minimum availability at all times of not less than 10% of the gross borrowing base, and in any event, not less than $5,000. The Revolving Line of Credit also contains customary events of default. The Revolving Line of Credit matures on December 3, 2019.

 

As of October 29, 2016 and January 30, 2016, the Revolving Line of Credit had $335 and $455, respectively in outstanding deferred financing fees. During the 13 weeks and 39 weeks ended October 29, 2016, the Company recognized $40 and $120 respectively, of non-cash interest expense with respect to the amortization of deferred financing fees. During the 13 weeks and 39 weeks ended October 31, 2015, the Company recognized $32 and $96, respectively, of non-cash interest expense with respect to the amortization of deferred financing fees.