Debt	3 Months Ended
May 05, 2018
Debt
Debt	8. Debt On December 7, 2016, in connection with the closing of the Hi-Tec Acquisition, the Company entered into a senior secured credit facility with Cerberus Business Finance, LLC (“Cerberus”), which was amended in August 2017 and November 2017 (the “Cerberus Credit Facility”) and provides a $45.0 million term loan and a revolving credit facility up to $5.0 million. Principal repayments of the term loan are required quarterly and interest is payable monthly. The Cerberus Credit Facility is secured by substantially all the assets of the Company and is guaranteed by the Company’s subsidiaries. The Cerberus Credit Facility expires in December 2021 and bears interest based either on LIBOR or an alternate base rate plus a margin. The weighted-average interest rate at May 5, 2018 was 11.5%. The Cerberus Credit Facility contains customary restrictive covenants for facilities and transactions of this type, including, among other things, the maintenance of certain financial covenants, limitations on the payment of dividends, the requirement to meet certain revenue standards after the expiration or termination of any material contracts, and the requirement to obtain Cerberus’s consent before the Company can take certain specified actions. Events of default include, among other things, the occurrence of a change of control of the Company. Outstanding borrowings under the Cerberus Credit Facility, including borrowings under the revolving credit facility, were $49.1 million and $49.5 million at May 5, 2018 and February 3, 2018, respectively. The unamortized deferred financing costs associated with these borrowings are $3.2 million and $3.4 million at May 5, 2018 and February 3, 2018, respectively. Borrowings under the Cerberus Credit Facility term loan and revolving credit facility comprise a series of recurring short-term obligations that bear interest rates based on varying LIBOR maturities which are selected at the Company’s option. As a result of noncompliance with certain covenants required by the Cerberus Credit Facility as further described in Note 1, the outstanding borrowings under the Cerberus Credit Facility are classified as current liabilities on the accompanying balance sheet.

8. Debt

On December 7, 2016, in connection with the closing of the Hi-Tec Acquisition, the Company entered into a senior secured credit facility with Cerberus Business Finance, LLC (“Cerberus”), which was amended in August 2017 and November 2017 (the “Cerberus Credit Facility”) and provides a $45.0 million term loan and a revolving credit facility up to $5.0 million. Principal repayments of the term loan are required quarterly and interest is payable monthly. The Cerberus Credit Facility is secured by substantially all the assets of the Company and is guaranteed by the Company’s subsidiaries. The Cerberus Credit Facility expires in December 2021 and bears interest based either on LIBOR or an alternate base rate plus a margin. The weighted-average interest rate at May 5, 2018 was 11.5%. The Cerberus Credit Facility contains customary restrictive covenants for facilities and transactions of this type, including, among other things, the maintenance of certain financial covenants, limitations on the payment of dividends, the requirement to meet certain revenue standards after the expiration or termination of any material contracts, and the requirement to obtain Cerberus’s consent before the Company can take certain specified actions. Events of default include, among other things, the occurrence of a change of control of the Company.

Outstanding borrowings under the Cerberus Credit Facility, including borrowings under the revolving credit facility, were $49.1 million and $49.5 million at May 5, 2018 and February 3, 2018, respectively. The unamortized deferred financing costs associated with these borrowings are $3.2 million and $3.4 million at May 5, 2018 and February 3, 2018, respectively.

Borrowings under the Cerberus Credit Facility term loan and revolving credit facility comprise a series of recurring short-term obligations that bear interest rates based on varying LIBOR maturities which are selected at the Company’s option. As a result of noncompliance with certain covenants required by the Cerberus Credit Facility as further described in Note 1, the outstanding borrowings under the Cerberus Credit Facility are classified as current liabilities on the accompanying balance sheet.