Revolving Line of Credit	6 Months Ended
Aug. 01, 2020
Revolving Line of Credit
Revolving Line of Credit	(7) Revolving Line of Credit On May 23, 2018, Sportsman’s Warehouse, Inc. (“SWI”), a wholly owned subsidiary of the Company, as lead borrower, and Wells Fargo Bank, National Association (“Wells Fargo”), with a consortium of banks led by Wells Fargo, entered into an Amended and Restated Credit Agreement (as amended, restated, supplemented or otherwise modified, the “Amended Credit Agreement”). The Amended Credit Agreement governs the Company’s senior secured revolving credit facility (“Revolving Line of Credit”) and a $40,000 term loan (the “Term Loan”). The Revolving Line of Credit provides a borrowing capacity of up to $250,000, subject to a borrowing base calculation. Information on the Term Loan is provided in Note 8. In conjunction with the Amended Credit Agreement, the Company incurred $1,331 of fees paid to various parties which were capitalized. Fees associated with the Revolving Line of Credit were recorded in prepaid and other assets. Fees associated with the Term Loan offset the loan balance on the condensed consolidated balance sheet of the Company. As of August 1, 2020, and February 1, 2020, the Company had $20,505 and $123,478 in outstanding revolving loans under the Revolving Line of Credit, respectively. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box or similar arrangements, which were $17,647 and $7,400 as of August 1, 2020 and February 1, 2020, respectively. As of August 1, 2020, the Company had stand-by commercial letters of credit of $1,705 under the terms of the Revolving Line of Credit. The Amended Credit Agreement 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 Amended Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base. The Amended Credit Agreement contains customary events of default. The Revolving Line of Credit matures on May 23, 2023. As of August 1, 2020, the Revolving Line of Credit had $709 in deferred financing fees and as of February 1, 2020, the Revolving Line of Credit had $834 in deferred financing fees. During the 13 and 26 weeks ended August 1, 2020, the Company recognized $62 and $125, respectively of non-cash interest expense with respect to the amortization of deferred financing fees. During the 13 and 26 weeks ended August 3, 2019, the Company recognized $63 and $125, respectively of non-cash interest expense with respect to the amortization of deferred financing fees. For the 13 and 26 weeks ended August 1, 2020, gross borrowings under the Revolving Line of Credit were $305,658 and $580,617, respectively. For the 13 and 26 weeks ended August 3, 2019 gross borrowing under the Revolving Line of Credit were $219,714 and $405,330, respectively. For the 13 and 26 weeks ended August 1, 2020, gross paydowns under the Revolving Line of Credit were $419,134 and $685,932, respectively. For the 13 and 26 weeks ended August 3, 2019, gross paydowns under the Revolving Line of Credit were $234,737 and $424,017, respectively.

Revolving Line of Credit

6 Months Ended

Aug. 01, 2020

(7) Revolving Line of Credit

On May 23, 2018, Sportsman’s Warehouse, Inc. (“SWI”), a wholly owned subsidiary of the Company, as lead borrower, and Wells Fargo Bank, National Association (“Wells Fargo”), with a consortium of banks led by Wells Fargo, entered into an Amended and Restated Credit Agreement (as amended, restated, supplemented or otherwise modified, the “Amended Credit Agreement”). The Amended Credit Agreement governs the Company’s senior secured revolving credit facility (“Revolving Line of Credit”) and a $40,000 term loan (the “Term Loan”). The Revolving Line of Credit provides a borrowing capacity of up to $250,000, subject to a borrowing base calculation. Information on the Term Loan is provided in Note 8.

In conjunction with the Amended Credit Agreement, the Company incurred $1,331 of fees paid to various parties which were capitalized. Fees associated with the Revolving Line of Credit were recorded in prepaid and other assets. Fees associated with the Term Loan offset the loan balance on the condensed consolidated balance sheet of the Company.

As of August 1, 2020, and February 1, 2020, the Company had $20,505 and $123,478 in outstanding revolving loans under the Revolving Line of Credit, respectively. Amounts outstanding are offset on the condensed consolidated balance

sheets by amounts in depository accounts under lock-box or similar arrangements, which were $17,647 and $7,400 as of August 1, 2020 and February 1, 2020, respectively. As of August 1, 2020, the Company had stand-by commercial letters of credit of $1,705 under the terms of the Revolving Line of Credit.

The Amended Credit Agreement 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 Amended Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base. The Amended Credit Agreement contains customary events of default. The Revolving Line of Credit matures on May 23, 2023.

As of August 1, 2020, the Revolving Line of Credit had $709 in deferred financing fees and as of February 1, 2020, the Revolving Line of Credit had $834 in deferred financing fees. During the 13 and 26 weeks ended August 1, 2020, the Company recognized $62 and $125, respectively of non-cash interest expense with respect to the amortization of deferred financing fees. During the 13 and 26 weeks ended August 3, 2019, the Company recognized $63 and $125, respectively of non-cash interest expense with respect to the amortization of deferred financing fees.

For the 13 and 26 weeks ended August 1, 2020, gross borrowings under the Revolving Line of Credit were $305,658 and $580,617, respectively. For the 13 and 26 weeks ended August 3, 2019 gross borrowing under the Revolving Line of Credit were $219,714 and $405,330, respectively. For the 13 and 26 weeks ended August 1, 2020, gross paydowns under the Revolving Line of Credit were $419,134 and $685,932, respectively. For the 13 and 26 weeks ended August 3, 2019, gross paydowns under the Revolving Line of Credit were $234,737 and $424,017, respectively.