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Debt (Tables)

6 Months Ended

Jul. 25, 2020

Our outstanding indebtedness consisted of the following (dollars in thousands):


	July 25, 2020		January 25, 2020
Credit Agreement - Revolving facility (matures October 2023)	$	200,000	$	—
Credit Agreement - Term loan facility (matures October 2023)	433,125		444,375
0.75% convertible senior notes, net (mature September 2021)	54,908		422,526
	688,033		866,901
Less: current portion	(22,500)		(22,500)
Long-term debt	$	665,533	$	844,401

Schedule Interest Rates for the Credit Agreement

Under our credit agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $50.0 million to our trailing twelve-month consolidated EBITDA, as defined by the 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 July 25, 2020 and January 25, 2020 were as follows:


	Weighted Average Rate End of Period
	July 25, 2020	January 25, 2020
Borrowings - Term loan facilities	1.92%	3.67%
Borrowings - Revolving facility⁽¹⁾	1.93%	—%
Standby Letters of Credit	1.75%	2.00%
Unused Revolver Commitment	0.35%	0.40%

⁽¹⁾There were no outstanding borrowings under the revolving facility as of January 25, 2020.

Convertible Debt

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


	July 25, 2020		January 25, 2020
Liability component
Principal amount of 0.75% convertible senior notes due September 2021	$	58,264	$	460,000
Less: Debt discount	(3,018)		(33,744)
Less: Debt issuance costs	(338)		(3,730)
Net carrying amount of Notes	$	54,908	$	422,526

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 $97.25 as of July 25, 2020 and January 25, 2020, respectively (dollars in thousands):


	July 25, 2020		January 25, 2020
Fair value of principal amount of Notes	$	56,662	$	447,350
Less: Debt discount and debt issuance costs	(3,356)		(37,474)
Fair value of Notes	$	53,306	$	409,876