Debt (Tables)

3 Months Ended

Oct. 28, 2017

Debt Disclosure [Abstract]

Outstanding Indebtedness

The Company’s outstanding indebtedness consisted of the following (dollars in thousands):

	October 28, 2017			July 29, 2017
Credit Agreement - Revolving facility (matures April 2020)	$	—		$	—
Credit Agreement - Term loan facilities (mature April 2020)	362,875			367,688
0.75% convertible senior notes, net (mature September 2021)	397,196			392,233
	760,071			759,921
Less: current portion	(24,063		)	(21,656		)
Long-term debt	$	736,008		$	738,265

Schedule Interest Rates for the Credit Agreement

Borrowings under the Credit Agreement bear interest at rates described below based upon the Company’s consolidated leverage ratio, which is the ratio of the Company’s consolidated total funded debt to its trailing twelve month consolidated EBITDA, as defined by the Credit Agreement. In addition, the Company incurs certain fees for unused balances and letters of credit at the rates described below, also based upon the Company’s consolidated leverage ratio:

Borrowings - Eurodollar Rate Loans	1.25% - 2.00% plus LIBOR
Borrowings - Base Rate Loans	0.25% - 1.00% plus administrative agent’s base rate(1)
Unused Revolver Commitment	0.25% - 0.40%
Standby Letters of Credit	1.25% - 2.00%
Commercial Letters of Credit	0.625% - 1.00%

⁽¹⁾ The agent’s base rate is described in the Credit Agreement as the highest of (i) the administrative agent’s prime rate, (ii) the Federal Funds Rate plus 0.50%, and (iii) the Eurodollar rate plus 1.00%, plus an applicable margin.

The weighted average interest rates and fees for balances under the Credit Agreement as of October 28, 2017 and July 29, 2017 were as follows:

	Weighted Average Rate End of Period
	October 28, 2017	July 29, 2017
Borrowings - Term loan facilities	2.99%	2.98%
Borrowings - Revolving facility(1)	—%	—%
Standby Letters of Credit	1.75%	1.75%
Unused Revolver Commitment	0.35%	0.35%

⁽¹⁾ There were no outstanding borrowings under the revolving facility as of October 28, 2017 or July 29, 2017.

Convertible Debt

The liability component of the Notes consisted of the following (dollars in thousands):

	October 28, 2017			July 29, 2017
Liability component
Principal amount of 0.75% convertible senior notes due September 2021	$	485,000		$	485,000
Less: Debt discount	(79,522		)	(84,069		)
Less: Debt issuance costs	(8,282		)	(8,698		)
Net carrying amount of Notes	$	397,196		$	392,233