Debt (Tables)

3 Months Ended

Apr. 28, 2018

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



	April 28, 2018			January 27, 2018
Credit Agreement - Revolving facility (matures April 2020)	$	—		$	—
Credit Agreement - Term loan facilities (mature April 2020)	353,250			358,063
0.75% convertible senior notes, net (mature September 2021)	407,361			402,249
	760,611			760,312
Less: current portion	(28,875		)	(26,469		)
Long-term debt	$	731,736		$	733,843

Schedule Interest Rates for the Credit Agreement

The weighted average interest rates and fees for balances under the Credit Agreement as of April 28, 2018 and January 27, 2018 were as follows:



	Weighted Average Rate End of Period
	April 28, 2018	January 27, 2018
Borrowings - Term loan facilities	3.63%	3.30%
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 April 28, 2018

Borrowings under the Credit Agreement bear interest at the 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.

Convertible Debt

The following table summarizes the fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $126.61 and $136.01 as of April 28, 2018 and January 27, 2018, respectively (dollars in thousands):



	April 28, 2018			January 27, 2018
Fair value of principal amount of Notes	$	614,059		$	659,649
Less: Debt discount and debt issuance costs	(77,639		)	(82,751		)
Fair value of Notes	$	536,420		$	576,898

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



	April 28, 2018			January 27, 2018
Liability component
Principal amount of 0.75% convertible senior notes due September 2021	$	485,000		$	485,000
Less: Debt discount	(70,227		)	(74,899		)
Less: Debt issuance costs	(7,412		)	(7,852		)
Net carrying amount of Notes	$	407,361		$	402,249