On May 24, 2018, the Company entered into the Seventh Amended and Restated Credit Agreement with Bank of America, N.A., as agent, providing for a secured $140.0 million credit facility. On May 31, 2019, the Credit Facility was amended to expand the definition of its borrowing base to include certain receivables, as defined in the First Amendment. On September 5, 2019, the Company entered into the Second Amendment to the Credit Facility (the “Second Amendment”). The Second Amendment was requested by the Company to improve its excess availability over the next two years and impacts only the $15.0 million “first-in, last out” (FILO) term facility (the “FILO loan”), which is discussed below under long-term debt. The Second Amendment also waived a technical occurrence of an event of default under the credit facility arising from the Company’s disposition of certain immaterial trademark registrations (as amended, the “Credit Facility”).

The Credit Facility provides maximum committed borrowings of $125.0 million in revolver loans, with the ability, pursuant to an accordion feature, to increase the Credit Facility by an additional $50.0 million upon the request of the Company and the agreement of the lender(s) participating in the increase (the “Revolving Facility”). The Revolving Facility provides for a sublimit of $20.0 million for commercial and standby letter of credits and up to $15.0 million for swingline loans.

The Company’s ability to borrow under the Revolving Facility (the “Loan Cap”) is determined using an availability formula based on eligible assets. Pursuant to the Second Amendment, the Credit Facility requires the Company to maintain a minimum consolidated fixed charge coverage ratio of 1.0:1.0 if its excess availability under the Credit Facility fails to be equal to or greater than the greater of 12.5 % of the Loan Cap and $7.5 million. After May 24, 2021 and through the maturity date, the percentage of the Loan Cap of 12.5% will be reduced to 10%. The maturity date of the Credit Facility is May 24, 2023. The Company’s obligations under the Credit Facility are secured by a lien on substantially all of its assets.

Borrowings made pursuant to the Revolving Facility bear interest, calculated under either the Federal Funds rate or the LIBOR rate, at a rate equal to the following: (a) the Federal Funds rate plus a varying percentage based on the Company’s excess availability, of either 0.25% or 0.50%, or (b) the LIBOR rate (the Company being able to select interest periods of 1 week, 1 month, 2 months, 3 months or 6 months) plus a varying percentage based on the Company’s excess availability, of either 1.25% or 1.50 %. The Company is also subject to an unused line fee of 0.25%.

At February 1, 2020, the Company had outstanding borrowings under the Revolving Facility of $39.6 million, before unamortized debt issuance costs of $0.3 million. Outstanding standby letters of credit were $2.8 million and outstanding documentary letters of credit were $1.4 million. Unused excess availability at February 1, 2020 was $48.5 million. Average monthly borrowings outstanding under the Revolving Facility during fiscal 2019 were $57.5 million, resulting in an average unused excess availability of approximately $41.0 million.

At February 1, 2020, the Company’s prime-based interest rate was 5.00%. At February 1, 2020, the Company had approximately $33.0 million of its outstanding borrowings in LIBOR-based contracts with an interest rate of 2.81%. The LIBOR-based contracts expired on February 3, 2020. When a LIBOR-based borrowing expires, the borrowings revert back to prime-based borrowings unless the Company enters into a new LIBOR-based borrowing arrangement.

The fair value of the amount outstanding under the Revolving Facility at February 1, 2020 approximated the carrying value.

(in thousands)	February 1, 2020			February 2, 2019
FILO loan	$	15,000		$	15,000
Less: unamortized debt issuance costs		(187	)		(243	)
Total long-term debt		14,813			14,757
Less: current portion of long-term debt		—			—
Long-term debt, net of current portion	$	14,813		$	14,757

The total borrowing capacity under the FILO loan is based on a borrowing base, generally defined as a specified percentage of the value of eligible accounts, including certain trade names, that step down over time, plus a specified percentage of the value of eligible inventory that steps down over time. The Second Amendment to the Credit Facility extended these advance rates by approximately a year before they begin to step down. As of May 24, 2019, the FILO loan can be repaid, in whole or in part, subject to certain payment conditions. The term loan expires on May 24, 2023, if not repaid in full prior to that date.

As a result of extending the advance rates under the FILO loan, the applicable margin rates for borrowings are increased by approximately 50 basis points temporarily through May 24, 2021, at which time the margin rates will revert back to the original terms. Accordingly, borrowings made under the FILO loan will bear interest, calculated under either the Federal Funds rate or the LIBOR rate, at a rate equal to the following: (a) the Federal Funds rate plus a carrying percentage based on the Company’s excess availability, of either 2.25% or 2.50% until May 24, 2021 or 1.75% or 2.00% after May 24, 2021 or (b) the LIBOR rate (the Company being able to select interest periods of 1 week, 1 month, 2 months, 3 months or 6 months) plus a varying percentage based on the Company’s excess availability of either 3.25% or 3.50% until May 24, 2021, or 2.75% or 3.00% after May 24, 2021. At February 1, 2020, the outstanding balance of $15.0 million was in a 1-month LIBOR-based contract with an interest rate of 4.92%. The LIBOR-based contract expired on February 17, 2020. When a LIBOR-based contract expires, the Company can enter into a new LIBOR-based borrowing arrangement.

The Company paid interest and fees totaling $3.3 million, $3.0 million and $3.2 million for fiscal 2019, 2018 and 2017, respectively.