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Long-Term Debt | 3 Months Ended
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May 05, 2018
Long-Term Debt |
Long-Term Debt | (6) Long-Term Debt Long-term debt consisted of the following as of May 5, 2018 and February 3, 2018:
|  | May 5, |  | February 3, |
|  | 2018 |  | 2018 |
Term loan |  | $ | 134,727 |  | $ | 135,127 |
Less discount |  |  | (620) |  |  | (678) |
Less debt issuance costs |  |  | (997) |  |  | (1,110) |
|  |  | 133,110 |  |  | 133,339 |
Less current portion, net of discount and debt issuance costs |  |  | (968) |  |  | (990) |
Long-term portion |  | $ | 132,142 |  | $ | 132,349 |
Term Loan The Company has a $160,000 senior secured term loan facility (“Term Loan”) with a financial institution. The Term Loan was issued at a price of 99% of the aggregate principal amount and has a maturity date of December 3, 2020. On May 18, 2017, Sportsman’s Warehouse, Inc. entered into an amendment to its Term Loan. The amendment increased the maximum leverage ratio in each of the remaining quarters by amounts ranging from 0.2x to 1.3x, with an average quarterly increase of 0.75x. As a result of the amendment, the interest rate on the Company’s Term Loan increased 25 basis points to LIBOR plus 6.25% with a 1.25% LIBOR floor. The Company incurred $341 in fees associated with the amendment to its Term Loan which were recorded as debt issuance costs on the condensed consolidated balance sheet. As of May 5, 2018, and February 3, 2018, the Term Loan had an outstanding balance of $134,727 and $135,127, respectively. The outstanding amounts as of May 5, 2018 and February 3, 2018 are offset on the condensed consolidated balance sheets by an unamortized discount of $620 and $678, respectively, and debt issuance costs of $997 and $1,110, respectively. During the 13 weeks ended May 5, 2018, the Company recognized $58, of non-cash interest expense with respect to the amortization of the discount. During the 13 weeks ended May 5, 2018, the Company recognized $113 of non-cash interest expense with respect to the amortization of the debt issuance costs. During the 13 weeks ended April 29, 2017, the Company recognized $58 of non-cash interest expense with respect to the amortization of the discount. During the 13 weeks ended April 29, 2017, the Company recognized $76 of non-cash interest expense with respect to the amortization of the debt issuance costs. As part of the Term Loan agreement, there are a number of financial and non-financial debt covenants. The financial covenants include a net leverage ratio and an interest coverage ratio to be measured on a trailing twelve month basis. During the 13 weeks ended May 5, 2018, the Company made the required quarterly payment on the Term Loan of $400. Restricted Net Assets The provisions of the Term Loan and the Revolving Line of Credit restrict all of the net assets of the Company’s consolidated subsidiaries, which constitute all of the net assets on the Company’s condensed consolidated balance sheet as of May 5, 2018, from being used to pay any dividends without prior written consent from the financial institutions party to the Company’s Term Loan and Revolving Line of Credit.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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