XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.25.1

Long Term Debt | 12 Months Ended
--- | ---
Feb. 01, 2025
Debt Disclosure [Abstract] |
Long Term Debt | (8) Long Term Debt Long-term debt consisted of the following as of February 1, 2025 and February 3, 2024:
|  | February 1, |  |  | February 3, |
|  | 2025 |  |  | 2024 |
Term loan |  | $ | 25,000 |  |  | $ | — |
Less discount |  |  | (933 | ) |  |  | — |
|  |  | 24,067 |  |  |  | — |
Less current portion, net of discount |  |  | — |  |  |  | — |
Long-term portion |  | $ | 24,067 |  |  | $ | — |
Term Loan On July 30, 2024, Sportsman’s Warehouse, Inc. (“SWI”) a wholly owned subsidiary of Holdings, as lead borrower, Holdings, as guarantor, and other subsidiaries of Holdings, each as borrowers, and PLC Agent LLC (the “Pathlight Agent”), as administrative and collateral agent for various lenders affiliated with Pathlight Capital (the “ABL Lenders”), entered into an ABL Term Loan Credit Agreement (the “Term Loan”). The Term Loan provides for a senior secured term loan credit facility in an aggregate principal amount of $45,000, consisting of $25,000 in initial ABL term loans that were made by the ABL Lenders on July 30, 2024 and $20,000 in delayed draw ABL term loans. The $25,000 in proceeds from the initial ABL term loans were used to repay obligations under the Revolving Line of Credit described in Note 9. The Company incurred deferred financing costs and discounts related to the Term Loan of approximately $1,136. These costs offset the recorded carrying amount of the Term Loan on the condensed consolidated balance sheet and are amortized to interest expense over the life of the Term Loan. As of February 1, 2025 and February 3, 2024, the Company had $25,000 and $0, respectively, in outstanding loans under the Term Loan. As of February 1, 2025, the Company had $18,000 available for borrowing under the Term Loan, calculated based upon certain borrowing base restrictions. The availability of loans under the Term Loan is subject to a borrowing base calculation based on eligible credit card receivables, eligible inventory, the revolving borrowing base determined under the Revolving Line of Credit, and reserves. The Term Loan has a stated maturity date of the earlier of July 30, 2029 or the maturity date of the Revolving Line of Credit (described below). Borrowings under the Term Loan bear interest at a rate equal to the greater of a floor rate of 3.0% or (i) a specified term secured overnight financing rate (SOFR), plus (ii) 0.10% as a SOFR adjustment, plus (iii) the applicable margin as specified in the Term Loan. The applicable margin means either 3.50% or 6.50% depending on the type of term loan. Under the Term Loan, loans may be required to be converted to base rate loans and in such case, the applicable margin rate will increase by 1.0%. The interest rate on the amounts outstanding under the Term Loan as of February 1, 2025 was 10.45%. Subject to specified exceptions, SWI and the other borrowers may be required to make mandatory prepayments under the Term Loan in the event of certain dispositions of certain property or assets, in the event of receipt of certain tax refunds, insurance or condemnation proceeds, upon the issuance of certain debt or equity securities, upon the incurrence of certain indebtedness for borrowed money or upon the receipt of certain payments not received in the ordinary course of business. In addition, the Term Loan contains customary affirmative and negative covenants, including covenants that limit the ability of the Company 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 Term Loan also requires the Company to maintain a minimum availability at all times of not less than the greater of $30,000 and 10% of the gross borrowing base and contains customary events of default, including defaults triggered by defaults under the Revolving Line of Credit. Each of the subsidiaries of Holdings is a borrower under the Term Loan, and all obligations under the Term Loan are guaranteed by Holdings. All of the obligations under the Term Loan are secured by a lien on substantially all of Holdings’ assets and the assets of all of Holdings’ subsidiaries, including a pledge of all capital stock of each of Holdings’ subsidiaries. The lien securing the obligations under the Term Loan is a first priority lien as to equipment, fixtures, intellectual property and equity interests. As of February 1, 2025 and February 3, 2024, the Company had $933 and $0, respectively, in outstanding deferred financing fees and discounts related to the Term Loan. During the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023, the Company recognized $203, $0 and $0, respectively, of non-cash interest expense with regard to the amortization of deferred financing fees and discounts. The scheduled minimum payments on outstanding long-term debt were as follows as of February 1, 2025:
Fiscal Year Ending: |  | Minimum Payments |
2025 |  | $ | — |
2026 |  |  | — |
2027 |  |  | 25,000 |
2028 |  |  | — |
2029 |  |  | — |
Thereafter |  |  | — |
Total |  | $ | 25,000 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration