5. Debt

On July 9, 2011, the Company entered into a five-year $750,000 credit facility (the "Credit Facility") consisting of a $250,000 term loan and a $500,000 revolving credit facility (the "Revolving Credit Facility").

Long‑term debt consisted of the following at:

	August 1, 2014		August 2, 2013
Revolving Credit Facility expiring on July 8, 2016	$	212,500	$	212,500
Term loan payable on or before July 8, 2016		187,500		187,500
		400,000		400,000
Current maturities		25,000		--
Long-term debt	$	375,000	$	400,000

The aggregate maturities of long‑term debt subsequent to August 1, 2014 are as follows:

Year
2015	$	25,000
2016		375,000
Total	$	400,000

At August 1, 2014, the Company had $20,637 of standby letters of credit, which reduce the Company's borrowing availability under the Revolving Credit Facility (see Note 15). At August 1, 2014, the Company had $266,863 in borrowing availability under the Revolving Credit Facility.

In accordance with the Credit Facility, outstanding borrowings bear interest, at the Company's election, either at LIBOR or prime plus a percentage point spread based on certain specified financial ratios. At both August 1, 2014 and August 2, 2013, the Company's outstanding borrowings were swapped at a weighted average interest rate of 3.73% (see Note 6 for information on the Company's interest rate swaps).

The Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total leverage ratio and a minimum consolidated interest coverage ratio. At August 1, 2014 and August 2, 2013, the Company was in compliance with all debt covenants.

The Credit Facility also imposes restrictions on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Provided there is no default existing and the Company's availability under the Revolving Credit Facility plus the Company's cash and cash equivalents on hand is at least $100,000 (the "liquidity requirements"), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock if the aggregate amount of dividends paid and shares repurchased in any fiscal year is less than the sum of (1) 20% of Consolidated EBITDA from continuing operations (as defined in the Credit Facility) (the "20% limitation") and (2) provided the Company's consolidated total leverage ratio is 3.25 to 1.00 or less, $100,000 (less the amount of any share repurchases during the current fiscal year) In any event, as long as the liquidity requirements are met, dividends may be declared and paid in any fiscal year up to the amount of dividends permitted and paid in the preceding fiscal year without regard to the 20% limitation.