5.Current and long-term obligations

Current and long-term obligations consist of the following:


	May 3,		February 1,
(In thousands)	2019		2019
Revolving Facility	$	—	$	—
3.250% Senior Notes due April 15, 2023 (net of discount of $1,023 and $1,084)		898,977		898,916
4.150% Senior Notes due November 1, 2025 (net of discount of $544 and $562)		499,456		499,438
3.875% Senior Notes due April 15, 2027 (net of discount of $365 and $375)		599,635		599,625
4.125% Senior Notes due May 1, 2028 (net of discount of $460 and $471)		499,540		499,529
Unsecured commercial paper notes		245,600		366,900
Capital lease obligations		—		10,977
Tax increment financing due February 1, 2035		5,835		6,360
Debt issuance costs, net		(16,383)		(17,055)
		2,732,660		2,864,690
Less: current portion		(555)		(1,950)
Long-term portion	$	2,732,105	$	2,862,740

At May 3, 2019, the Company maintained a $1.25 billion senior unsecured revolving credit facility (the “Revolving Facility”) that provides for the issuance of letters of credit up to $175.0 million and is scheduled to mature on February 22, 2022.

Borrowings under the Revolving Facility bear interest at a rate equal to an applicable interest rate margin plus, at the Company’s option, either (a) LIBOR or (b) a base rate (which is usually equal to the prime rate). The applicable interest rate margin for borrowings as of May 3, 2019 was 1.10% for LIBOR borrowings and 0.10% for base-rate borrowings. The Company is also required to pay a facility fee, payable on any used and unused commitment amounts of the Revolving Facility, and customary fees on letters of credit issued under the Revolving Facility. As of May 3, 2019, the commitment fee rate was 0.15%. The applicable interest rate margins for borrowings, the facility fees and the letter of credit fees under the Revolving Facility are subject to adjustment from time to time based on the Company’s long-term senior unsecured debt ratings.

The Revolving Facility contains a number of customary affirmative and negative covenants that, among other things, restrict, subject to certain exceptions, the Company’s ability to: incur additional liens; sell all or substantially all of the Company’s assets; consummate certain fundamental changes or change in the Company’s lines of business; and incur additional subsidiary indebtedness. The Revolving Facility also contains financial covenants which require the maintenance of a minimum fixed charge coverage ratio and a maximum leverage ratio. As of May 3, 2019, the Company was in compliance with all such covenants. The Revolving Facility also contains customary events of default.

As of May 3, 2019, the Company had no outstanding borrowings, outstanding letters of credit of $6.7 million, and borrowing availability of $1.24 billion under the Revolving Facility that, due to its intention to maintain borrowing availability related to the commercial paper program described below, could contribute incremental liquidity of $816.7 million. In addition, as of May 3, 2019, the Company had outstanding letters of credit of $34.5 million which were issued pursuant to separate agreements.

As of May 3, 2019, the Company had a commercial paper program under which the Company may issue unsecured commercial paper notes (the “CP Notes”) from time to time in an aggregate amount not to exceed $1.0 billion outstanding at any time. The CP Notes may 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 intends 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 May 3, 2019, the Company’s condensed consolidated balance sheet reflected outstanding unsecured CP Notes of $245.6 million classified as long-term obligations due to its intent and ability to refinance these obligations as long-term debt. An additional $181.0 million of outstanding CP Notes were held by a wholly-owned subsidiary of the Company and are therefore not reflected on the condensed consolidated balance sheet. As of May 3, 2019, the outstanding CP Notes had a weighted average borrowing rate of 2.7%.

On April 10, 2018, the Company issued $500.0 million aggregate principal amount of 4.125% senior notes due 2028 (the “2028 Senior Notes”), net of discount of $0.5 million, which are scheduled to mature on May 1, 2028. Interest on the 2028 Senior Notes is payable in cash on May 1 and November 1 of each year. The Company incurred $4.4 million of debt issuance costs associated with the issuance of the 2028 Senior Notes.

Effective April 15, 2018, the Company redeemed $400.0 million aggregate principal amount of outstanding 1.875% senior notes due 2018 (the “2018 Senior Notes”). There was no gain or loss associated with the redemption. The Company funded the redemption price for the 2018 Senior Notes with proceeds from the issuance of the 2028 Senior Notes.