Long-Term Debt

6 Months Ended

Jul. 26, 2020

Long-term debt and the current period interest rates were as follows:


	Balance as of
(in thousands, except percentages)	July 26, 2020			January 26, 2020
Revolving loans	$	189,000		$	197,000



Debt issuance costs	(2,045)			(2,257)
Total long-term debt, net of debt issuance costs	$	186,955		$	194,743
Effective interest rate⁽¹⁾	1.87		%	2.95		%

⁽¹⁾As of July 26, 2020, the effective interest rate is a weighted-average rate that represents interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 0.19% as of July 26, 2020, plus a margin of 1.25% (total variable rate of 1.44%). As of January 26, 2020, the interest rate was a variable rate based on the one-month LIBOR rate, which was 1.7% as of January 26, 2020, plus a margin of 1.25% (total variable rate of 2.95%).

On November 7, 2019, the Company, with certain of its domestic subsidiaries as guarantors, entered into an amended and restated credit agreement with the lenders party thereto and HSBC Bank USA, National Association, as administrative agent, swing line lender and letter of credit issuer in order to provide a more flexible borrowing structure by expanding the borrowing capacity of the revolving loans under the senior secured first lien credit facility (the "Credit Facility") to $600.0 million, eliminating the term loans under the prior facility and extending the maturity to November 7, 2024. As of July 26, 2020, the Company had $189.0 million outstanding under its Credit Facility, which had $411.0 million of undrawn borrowing capacity, and the Company was in compliance with the financial covenants required under the Credit Facility.

Interest expense was comprised of the following components for the periods presented:


	Three Months Ended						Six Months Ended
(in thousands)	July 26, 2020		July 28, 2019		July 26, 2020		July 28, 2019
Contractual interest	$	1,131	$	2,475	$	2,569	$	4,817
Amortization of debt discount and issuance costs	121		122		242		247
Total interest expense	$	1,252	$	2,597	$	2,811	$	5,064

As of July 26, 2020, there were no amounts outstanding under the letters of credit, swing line loans and alternative currency sub-facilities.