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Debt
9 Months Ended
Nov. 03, 2018
Debt Disclosure [Abstract]  
Debt
5. Debt

On October 29, 2018, we entered into restated agreements with Bank of America, N.A. and Regions Bank providing for an increase in the aggregate amount of credit available to us under each line of credit from $30.0 million to $50.0 million with the intent to borrow approximately $50.0 million from the facilities to finance a portion of the cash purchase price payable in the acquisition of City Gear.

The terms of the Bank of America facility allows for borrowings up to $50.0 million with an interest rate agreed upon between the lender and us at the time a loan is made.  The terms of the Regions Bank facility allows for borrowings up to $50.0 million with an interest rate at one month LIBOR plus 1.5%.  Both facilities are unsecured and expire in October 2021.  Under the provisions of both facilities, we do not pay commitment fees.  However, both are subject to negative pledge agreements that, among other things, restrict liens or transfers of assets including inventory, tangible or intangible personal property and land and land improvements.  At November 3, 2018, a total of $75.0 million was available to us from these facilities.

At February 3, 2018, we had two unsecured credit facilities, which were renewable in March 31 and April 2018, respectively.  The March facility allowed for borrowings up to $30.0 million with an interest rate agreed upon between the lender and us at the time a loan is made.  The April facility allowed for borrowings up to $30.0 million at a rate of one month LIBOR plus 2.5%.  Under the provisions of both facilities, we did not pay commitment fees nor were we subject to covenant requirements.

There were four days during the thirteen and thirty-nine weeks ended November 3, 2018, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $25.0 million and an interest rate of 3.81%.  See Note 11, Subsequent Events.  There were seven days during the 53 weeks ended February 3, 2018, where we incurred borrowings against our credit facilities for an average and maximum borrowing of $4.1 million and $4.9 million, respectively, and an average interest rate of 2.78%.