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Debt (Tables)
 12 Months Ended
Jan. 25, 2020
Debt Disclosure [Abstract]  
Outstanding Indebtedness outstanding indebtedness consisted of the following (dollars in thousands):
 
January 25, 2020
 
January 26, 2019
Credit Agreement - Revolving facility (matures October 2023)
$
—

 
$
—

Credit Agreement - Term loan facility (matures October 2023)
444,375

 
450,000

0.75% convertible senior notes, net (mature September 2021)
422,526

 
423,199

 
866,901

 
873,199

Less: current portion
(22,500
)
 
(5,625
)
Long-term debt
$
844,401

 
$
867,574
Schedule Interest Rates for the Credit Agreement $50.0 million to our trailing 12 month consolidated EBITDA, as defined by our credit agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our 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 our 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%.

The weighted average interest rates and fees for balances under our credit agreement as of January 25, 2020 and January 26, 2019 were as follows:
 
Weighted Average Rate End of Period
 
January 25, 2020
 
January 26, 2019
Borrowings - Term loan facilities
3.67%
 
4.25%
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 our revolving facility as of January 25, 2020 or January 26, 2019.
Convertible Debt The liability component of the Notes consisted of the following (dollars in thousands):
 
January 25, 2020
 
January 26, 2019
Liability component
 
 
 
Principal amount of 0.75% convertible senior notes due September 2021
$
460,000

 
$
485,000

Less: Debt discount
(33,744
)
 
(55,795
)
Less: Debt issuance costs
(3,730
)
 
(6,006
)
Net carrying amount of Notes
$
422,526

 
$
423,199



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 $97.25 and $96.31 as of January 25, 2020 and January 26, 2019, respectively (dollars in thousands)
 
January 25, 2020
 
January 26, 2019
Fair value of principal amount of Notes
$
447,350

 
$
467,104

Less: Debt discount and debt issuance costs
(37,474
)
 
(61,801
)
Fair value of Notes
$
409,876

 
$
405,303