Loans, Overdrafts and Long-term Debt

9 Months Ended

Oct. 29, 2022

Debt Disclosure [Abstract]

Loans, Overdrafts and Long-term Debt

Loans, overdrafts and long-term debt

(in millions)	October 29, 2022		January 29, 2022		October 30, 2021
Debt:
Senior unsecured notes due 2024, net of unamortized discount	$	147.7	$	147.7	$	147.6
Other loans and bank overdrafts	—		—		0.3
Gross debt	$	147.7	$	147.7	$	147.9
Less: Current portion of loans and overdrafts	—		—		(0.3)
Less: Unamortized debt issuance costs	(0.4)		(0.6)		(0.6)
Total long-term debt	$	147.3	$	147.1	$	147.0

Senior unsecured notes due 2024

On May 19, 2014, Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.70% senior unsecured notes due in 2024 (the “Senior Notes”). The Senior Notes were issued under an effective registration statement previously filed with the SEC. The Senior Notes are jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries.

On September 5, 2019, Signet UK Finance announced the commencement of a tender offer to purchase any and all of its outstanding Senior Notes (the “Tender Offer”). Signet UK Finance tendered $239.6 million of the Senior Notes, representing a purchase price of $950.00 per $1,000.00 in principal, leaving $147.8 million of the Senior Notes outstanding after the Tender Offer.

Asset-based credit facility

On September 27, 2019, the Company entered into a senior secured asset-based credit facility consisting of (i) a revolving credit facility in an aggregate committed amount of $1.5 billion (as amended to the date hereto, the “ABL Revolving Facility”) and (ii) a first-in last-out term loan facility in an aggregate principal amount of $100.0 million (the “FILO Term Loan Facility” and, together with the ABL Revolving Facility, the “ABL Facility”). During Fiscal 2021, the Company fully repaid the FILO Term Loan Facility.

On July 28, 2021, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”) to amend the ABL Facility. The Second Amendment extended the maturity of the ABL Facility from September 27, 2024 to July 28, 2026 and allows the Company to increase the size of the ABL Facility by up to $600 million.

The Company had no outstanding borrowings on the ABL Revolving Facility for the periods presented and its available borrowing capacity was $1.3 billion as of October 29, 2022.