Current and long-term obligations

9 Months Ended

Oct. 28, 2016

Current and long-term obligations

Current and long-term obligations

4.Current and long-term obligations

The Company’s senior unsecured credit facilities (the “Facilities”) consist of a $425.0 million senior unsecured term loan facility (the “Term Facility”) and a $1.0 billion senior unsecured revolving credit facility (the “Revolving Facility”) which provides for the issuance of letters of credit up to $175.0 million. The Facilities are scheduled to mature on October 20, 2020.

As of October 28, 2016, the entire balance of the Term Facility was outstanding, and under the Revolving Facility, the Company had no outstanding borrowings, outstanding letters of credit of $15.5 million, and borrowing availability of $984.5 million that, due to reserved borrowing availability related to the commercial paper program described below, could contribute incremental liquidity of $531.5 million. In addition, as of October 28, 2016 the Company had outstanding letters of credit of $33.6 million which were issued pursuant to separate agreements.

On August 1, 2016, the Company established a commercial paper program under which the Company may issue unsecured commercial paper notes (the “CP Notes”).  Under this program, the Company may issue the CP Notes from time to time in an aggregate amount not to exceed $1.0 billion outstanding at any time.  The CP Notes have maturities of up to 364 days from the date of issue and rank equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness.  The Company has agreed to maintain available commitments under the Revolving Facility in an amount at least equal to the amount of CP Notes outstanding at any time. As of October 28, 2016, the Company had outstanding CP notes of $453.0 million classified as long-term obligations on the consolidated balance sheet due to its intent and ability to refinance these obligations as long-term debt.

The Company also has multiple series of senior notes (collectively, the “Senior Notes”) outstanding with varying maturity dates through 2025 which had an aggregate book value of $2.3 billion at October 28, 2016 and January 29, 2016. As of October 28, 2016, the Company’s $500.0 million 4.125% Senior Notes due July 15, 2017 are classified as Current portion of long-term obligations.