Debt

12 Months Ended

Jan. 31, 2021


NOTE 11			DEBT

Credit Facility

The Company entered into a credit facility on September 20, 2019, with Bank of America, N. A., as administrative agent, and Wells Fargo Bank, National Association (the Credit Agreement). The Credit Agreement provides for a syndicated senior revolving credit facility up to $100,000 with a maturity date of September 20, 2022. Loan proceeds may be utilized by Raven for strategic business purposes, such as business acquisitions, and for net working capital needs.

The unamortized debt issuance costs associated with this Credit Agreement were as follows:


	As of January 31,
	2021		2020
Unamortized debt issuance costs(a)	$	133	$	215

(a) Unamortized debt issuance costs are amortized over the term of the Credit Agreement and are reported as "Other assets" in the Consolidated Balance Sheets.

Loans or borrowings defined under the Credit Agreement bear interest and fees at varying rates and terms defined in the Credit Agreement based on the type of borrowing as defined. The Credit Agreement includes an annual administrative fee as well as an unborrowed capacity fee. Such fees were $79, $181 and $212 for the years ended January 31, 2021, 2020 and 2019, respectively.

The Credit Agreement also contains customary affirmative and negative covenants, including those relating to financial reporting and notification, limits on levels of indebtedness and liens, investments, mergers and acquisitions, affiliate transactions, sales of assets, restrictive agreements, and change in control as defined in the Credit Agreement. Financial covenants include an interest coverage ratio and funded indebtedness to earnings before interest, taxes, depreciation, and amortization as defined in the Credit Agreement. The Company is in compliance with all financial covenants as of January 31, 2021.

Letters of credit (LOC) issued and outstanding were as follows:


	As of January 31,
	2021		2020
Letters of credit outstanding(a)	$	50	$	50

(a)Any draws required under the LOC would be settled with available cash or borrowings under the Credit Agreement.

There were no borrowings outstanding at January 31, 2021 or January 31, 2020. Availability under the Credit Agreement for borrowings as of January 31, 2021 was $100,000.

Long-Term Notes

The Company assumed certain long-term notes pursuant to the acquisition of DOT in fiscal year 2020 as described in Note 6 "Acquisitions and Investments in Businesses and Technologies". The related financial assistance agreement (Agreement) is between DOT and Western Economic Diversification Canada (WEDC), a government agency in Canada, that was entered into in August 2019. Under the Agreement, the WEDC agrees to contribute up to $5,000 in Canadian dollars, approximately $4,000 in US dollars, over a three-year period for costs incurred to develop a cloud-based distribution and service channel for a particular product being developed by DOT. DOT is eligible to receive contributions for costs incurred for purposes specified in the Agreement. The Company is required to repay the funds contributed by WEDC in 60 monthly installments beginning April 1, 2023, plus interest that begins on April 1, 2023, based on an average bank rate plus 3%. As of January 31, 2021, the Company had received $1,981 in contributions from WEDC and no repayments have been made. The outstanding liability balance is reported as "Long-term borrowings" on the Consolidated Balance Sheets. No interest expense is being recorded prior to the interest start date.

At January 31, 2021, the Company's debt maturities based on outstanding principal were as follows:


	2022		2023		2024		2025		2026		Thereafter
Maturities of debt	$	—	$	—	$	1,981	$	—	$	—	$	—