Long-Term Debt



In thousands	October 31, 2015		January 31, 2015
U.S. revolver borrowings	$	148,845	$	—
UK term loans	39,268		29,155
UK revolver borrowings	27,015		—
Total long-term debt	215,128		29,155
Current portion	15,437		13,152
Total Noncurrent Portion of Long-Term Debt	$	199,691	$	16,003

Long-term debt maturing during each of the next five years ending in January each year is $7.8 million, $15.4 million, $3.5 million, $150.8 million and $37.6 million, respectively.

The Company had $148.8 million of revolver borrowings outstanding under the Credit Facility at October 31, 2015, which includes $15.4 million (£10.0 million) related to Genesco (UK) Limited and $8.4 million (C$11.0 million) related to GCO Canada, and had $39.3 million in term loans outstanding and $27.0 million in revolver loans outstanding under the U.K. Credit Facilities (described below) at October 31, 2015. The Company had outstanding letters of credit of $13.5 million under the Credit Facility at October 31, 2015. These letters of credit support product purchases and lease and insurance indemnifications.

U.K. Credit Facility

In May 2015, Schuh Group Limited entered into a Form of Amended and Restated Facilities Agreement and Working Capital Facility Letter which replaced the former A, B and C term loans with a new Facility A of £17.5 million and a Facility B of £11.6 million (which was the former Facility C loan) as well as provided an additional revolving credit facility, Facility C, of £22.5 million and a working capital facility of £2.5 million. The Facility A loan bears interest at LIBOR plus 1.8% per annum with quarterly payments through April 2017. The Facility B loan bears interest at LIBOR plus 2.5% per annum with quarterly payments through September 2019. The Facility C bears interest at LIBOR plus 2.2% per annum and expires in September 2019.

The UK Credit Facilities contain certain covenants at the Schuh level including a minimum interest coverage covenant of 4.50x and thereafter, a maximum leverage covenant initially set at 2.25x declining over time at various rates to 1.75x beginning in April 2017 and a minimum cash flow coverage of 1.00x. The Company was in compliance with all the covenants at October 31, 2015. The UK Credit Facilities are secured by a pledge of all the assets of Schuh and its subsidiaries.