Debt (Tables)

9 Months Ended

Oct. 27, 2018

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



	October 27, 2018		January 27, 2018
Credit Agreement - Revolving facility (matures October 2023)	$	—	$	—
Credit Agreement - Term loan facility (matures October 2023)	450,000		358,063
0.75% convertible senior notes, net (mature September 2021)	417,835		402,249
	867,835		760,312
Less: current portion	—		(26,469		)
Long-term debt	$	867,835	$	733,843

Schedule Interest Rates for the Credit Agreement

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



	Weighted Average Rate End of Period
	October 27, 2018	January 27, 2018
Borrowings - Term loan facilities	4.28%	3.30%
Borrowings - Revolving facility⁽¹⁾	—%	—%
Standby Letters of Credit	2.00%	1.75%
Unused Revolver Commitment	0.40%	0.35%

⁽¹⁾There were no outstanding borrowings under the revolving facility as of October 27, 2018 or January 27, 2018.

Under the Credit Agreement, borrowings bear interest at the rates described below based upon the Company’s consolidated net leverage ratio, which is the ratio of the Company’s consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $50.0 million 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 net 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	0.20% - 0.40%
Standby Letters of Credit	1.25% - 2.00%
Commercial Letters of Credit	0.625% - 1.00%

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

Convertible Debt

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



	October 27, 2018			January 27, 2018
Liability component
Principal amount of 0.75% convertible senior notes due September 2021	$	485,000		$	485,000
Less: Debt discount	(60,676		)	(74,899		)
Less: Debt issuance costs	(6,489		)	(7,852		)
Net carrying amount of Notes	$	417,835		$	402,249

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 $101.50 and $136.01 as of October 27, 2018 and January 27, 2018, respectively (dollars in thousands):



	October 27, 2018			January 27, 2018
Fair value of principal amount of Notes	$	492,275		$	659,649
Less: Debt discount and debt issuance costs	(67,165		)	(82,751		)
Fair value of Notes	$	425,110		$	576,898