Loans, overdrafts and long-term debt



(in millions)	October 28, 2017			January 28, 2017			October 29, 2016
Debt:
Senior unsecured notes due 2024, net of unamortized discount	$	398.9		$	398.8		$	398.7
Securitization facility	—			600.0			600.0
Senior unsecured term loan	332.9			348.6			353.0
Revolving credit facility	256.0			56.0			259.0
Bank overdrafts	8.3			14.2			11.1
Total debt	$	996.1		$	1,417.6		$	1,621.8
Less: Current portion of loans and overdrafts	(291.8		)	(91.1		)	(288.8		)
Less: Unamortized capitalized debt issuance fees	(7.5		)	(8.6		)	(8.8		)
Total long-term debt	$	696.8		$	1,317.9		$	1,324.2

Revolving credit facility and term loan (the “Credit Facility”)

The Company’s Credit Facility contains a $700 million senior unsecured multi-currency multi-year revolving credit facility and a $357.5 million senior unsecured term loan facility. The maturity date for the Credit Facility, including both individual facilities disclosed above, is July 2021.

Capitalized fees associated with the revolving credit facility as of October 28, 2017 total $2.6 million with the unamortized balance recorded as an asset within the condensed consolidated balance sheets. Accumulated amortization related to these capitalized fees as of October 28, 2017 was $1.1 million (January 28, 2017 and October 29, 2016: $0.8 million and $0.7 million, respectively). Amortization relating to these fees of $0.1 million and $0.3 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 39 weeks ended October 28, 2017, respectively ($0.1 million and $0.3 million for the 13 and 39 weeks ended October 29, 2016, respectively). As of October 28, 2017, January 28, 2017 and October 29, 2016, the Company had stand-by letters of credit outstanding of $15.7 million, $15.3 million and $14.8 million, respectively, that reduce remaining borrowing availability. The revolving credit facility had a weighted average interest rate of 2.45% and 1.68% during the 39 weeks ended October 28, 2017 and October 29, 2016, respectively.

Capitalized fees associated with the term loan facility as of October 28, 2017 total $6.2 million with the unamortized balance recorded as a direct deduction from the outstanding liability within the condensed consolidated balance sheets. Accumulated amortization related to these capitalized fees as of October 28, 2017 was $3.3 million (January 28, 2017 and October 29, 2016: $2.7 million and $2.5 million, respectively). Amortization relating to these fees of $0.2 million and $0.6 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 39 weeks ended October 28, 2017, respectively ($0.2 million and $0.7 million for the 13 and 39 weeks ended October 29, 2016, respectively). Excluding the impact of the interest rate swap designated as a cash flow hedge discussed in Note 15, the term loan had a weighted average interest rate of 2.34% and 1.74% during the 39 weeks ended October 28, 2017 and October 29, 2016, respectively.

Senior unsecured notes due 2024

Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.700% senior unsecured notes due in 2024 (the “Notes”). The Notes were issued under an effective registration statement previously filed with the SEC. The 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 (such subsidiaries, the “Guarantors”). See Note 23 for additional information.

Capitalized fees relating to the senior unsecured notes total $7.0 million. Accumulated amortization related to these capitalized fees as of October 28, 2017 was $2.4 million (January 28, 2017 and October 29, 2016: $1.9 million and $1.7 million, respectively). The remaining unamortized capitalized fees are recorded as a direct deduction from the outstanding liability within the condensed consolidated balance sheets. Amortization relating to these fees of $0.2 million and $0.5 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 39 weeks ended October 28, 2017, respectively ($0.2 million and $0.5 million for the 13 and 39 weeks ended October 29, 2016, respectively).

Asset-backed securitization facility

The Company sold an undivided interest in certain credit card receivables to Sterling Jewelers Receivables Master Note Trust (the “Issuer”) and issued two-year revolving asset-backed variable funding notes. As a condition of closing the credit transaction disclosed in Note 3, during the third quarter of Fiscal 2018, the Company terminated the asset-backed securitization facility, which had a principal balance outstanding of $600.0 million, in order to transfer the receivables free and clear. Unamortized capitalized fees of $0.2 million associated with the asset-backed securitization facility were written-off during the third quarter of Fiscal 2018. Capitalized fees previously totaled $3.4 million, offset by accumulated amortization of $3.4 million as of October 28, 2017 (January 28, 2017 and October 29, 2016: $3.1 million and $3.0 million, respectively). Amortization relating to these fees of $0.2 million and $0.3 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 39 weeks ended October 28, 2017 ($0.1 million and $0.6 million for the 13 and 39 weeks ended October 29, 2016, respectively). The asset-backed securitization facility had a weighted average interest rate of 2.50% and 1.98% during the 39 weeks ended October 28, 2017 and October 29, 2016, respectively.

Unsecured term loan (the “Bridge Loan”)

In conjunction with the acquisition of R2Net, Signet entered into a $350 million unsecured term loan to finance the transaction. The Company executed and repaid the Bridge Loan during the 13 weeks ended October 28, 2017. The Bridge Loan contained customary fees in addition to interest incurred on borrowings. Fees incurred of $1.4 million and interest of $0.9 million relating to the Bridge Loan were expensed during the 13 and 39 weeks ended October 28, 2017.

Other

As of October 28, 2017, January 28, 2017 and October 29, 2016, the Company was in compliance with all debt covenants.