Debt (Tables)

3 Months Ended

Apr. 29, 2023

Debt Disclosure [Abstract]

Outstanding Indebtedness

ur outstanding indebtedness (dollars in thousands):

	April 29, 2023		January 28, 2023
Credit agreement - Revolving facility (matures April 2026)	$	—	$	—
Credit agreement - Term loan facility, net (matures April 2026)	326,389		330,603
4.50% senior notes, net (mature April 2029)	494,493		494,264
	820,882		824,867
Less: current portion	(17,500)		(17,500)
Long-term debt	$	803,382	$	807,367

Carrying Value and Fair Value of Notes

The following table summarizes the net carrying value of the term loan as of April 29, 2023 and January 28, 2023 (dollars in thousands):

	April 29, 2023		January 28, 2023
Principal amount of term loan	$	328,125	$	332,500
Less: Debt issuance costs	(1,736)		(1,897)
Net carrying amount of term loan	$	326,389	$	330,603

The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $90.75 and $90.25 as of April 29, 2023 and January 28, 2023, respectively (dollars in thousands):

	April 29, 2023		January 28, 2023
Fair value of principal amount of 2029 Notes	$	453,750	$	451,250
Less: Debt issuance costs	(5,507)		(5,736)
Fair value of 2029 Notes	$	448,243	$	445,514

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 $25.0 million to our trailing four-quarter 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 Base rate(1)
Unused Revolver Commitment	0.20% - 0.40%
Standby Letters of Credit	1.25% - 2.00%
Commercial Letters of Credit	0.625% -1.000%

(1) 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% and, if such rate is less than zero, such rate shall be deemed zero.

The weighted average interest rates and fees for balances under our Credit Agreement as of April 29, 2023 and January 28, 2023 were as follows:

	Weighted Average Rate End of Period
	April 29, 2023	January 28, 2023
Borrowings - Term loan facility	6.45%	6.21%
Borrowings - Revolving facility(1)	—%	—%
Standby Letters of Credit	1.50%	1.75%
Unused Revolver Commitment	0.25%	0.35%

(1) There were no outstanding borrowings under our revolving facility as of April 29, 2023 and January 28, 2023.

Schedule of Long-term Debt Instruments

The following table summarizes the net carrying value of the 2029 Notes as of April 29, 2023 and January 28, 2023 (dollars in thousands):

	April 29, 2023		January 28, 2023
Principal amount of 2029 Notes	$	500,000	$	500,000
Less: Debt issuance costs	(5,507)		(5,736)
Net carrying amount of 2029 Notes	$	494,493	$	494,264