17. Loans, overdrafts and long-term debt


(in millions)	May 3, 2014		February 1, 2014		May 4, 2013
Current liabilities – loans and overdrafts
Revolving credit facility	$	—	$	—	$	—
Bank overdrafts		8.8		19.3		5.7

Total loans and overdrafts	$	8.8	$	19.3	$	5.7

In May 2011, Signet entered into a $400 million senior unsecured multi-currency five year revolving credit facility agreement (the “Credit Facility”). The Credit Facility contains an expansion option that, with the consent of the lenders or the addition of new lenders, and subject to certain conditions, availability under the Credit Facility may be increased by an additional $200 million at the request of Signet. The Credit Facility has a five year term and matures in May 2016, at which time all amounts outstanding under the Credit Facility will be due and payable. The Credit Facility also contains various customary representations and warranties, financial reporting requirements and other affirmative and negative covenants. The Credit Facility requires that Signet maintain at all times a “Leverage Ratio” (as defined in the Credit Facility) to be no greater than 2.50 to 1.00 and a “Fixed Charge Coverage Ratio” (as defined in the Credit Facility) to be no less than 1.40 to 1.00, both determined as of the end of each fiscal quarter of Signet for the trailing twelve months.

At May 3, 2014, February 1, 2014 and May 4, 2013, there were no amounts outstanding under the Credit Facility, with no intra-period borrowings. Capitalized amendment fees for the Credit Facility were $2.1 million, with $1.4 million and $0.9 million of accumulated amortization as of May 3, 2014 and May 4, 2013, respectively. For the 13 weeks ended May 3, 2014, $0.2 million was charged to the condensed consolidated income statement (13 weeks ended May 4, 2013: $0.1 million). Signet had stand-by letters of credit of $8.7 million, $10.1 million and $9.5 million as of May 3, 2014, February 1, 2014 and May 4, 2013, respectively.

At May 3, 2014, February 1, 2014 and May 4, 2013, there were $8.8 million, $19.3 million and $5.7 million in overdrafts, which represents issued and outstanding checks where there are no bank balances with the right to offset.

On February 19, 2014, Signet entered into a definitive agreement to acquire Zale Corporation (“Zale”). In conjunction with the proposed acquisition, Signet entered into an $800 million 364-day unsecured bridge facility to finance the transaction. The bridge facility contains customary fees in addition to interest incurred on any borrowings drawn on the facility. Subsequent to May 3, 2014, Signet executed its Zale acquisition financing as described below in Note 19, replacing the bridge facility in addition to amending its Credit Facility, issuing senior unsecured notes and securitizing credit card receivables. No amounts were drawn on the bridge facility prior to replacement and fees of $4.2 million were incurred and capitalized. Of the $4.2 million fees incurred, $3.0 million was paid and $1.2 million was accrued as of May 3, 2014. Amortization related to these fees of $0.8 million were charged to the condensed consolidated income statement for the 13 weeks ended May 3, 2014.