Long-Term Debt

3 Months Ended

May 02, 2021

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



(in thousands, except percentages)	May 2, 2021			January 31, 2021
Revolving loans	$	177,000		$	181,000



Debt issuance costs	(1,684)			(1,805)
Total long-term debt, net of debt issuance costs	$	175,316		$	179,195
Effective interest rate (1)	1.87		%	1.88		%

(1) The revolving loans bear interest at a variable rate based on LIBOR or a Base Rate, at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. In the first quarter of fiscal year 2021, the Company entered into an interest rate swap agreement that fixed the interest on the first $150.0 million of debt outstanding under the revolving loans at 1.9775%. As of May 2, 2021, 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 0.12% as of May 2, 2021, plus a margin of 1.25% (total variable rate of 1.37%). As of January 31, 2021, 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 0.14% as of January 31, 2021, plus a margin of 1.25% (total variable rate of 1.39%).

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. The borrowing capacity of the revolving loans under the senior secured first lien credit facility (the "Credit Facility") is $600.0 million and matures on November 7, 2024. As of May 2, 2021, the Company had $177.0 million outstanding under its Credit Facility, which had $423.0 million of undrawn borrowing capacity, and the Company was in compliance with the covenants required under the Credit Facility.

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


	Three Months Ended
(in thousands)	May 2, 2021		April 26, 2020
Contractual interest (1)	$	1,078	$	1,438
Amortization of debt discount and issuance costs	121		121
Total interest expense	$	1,199	$	1,559

(1) Contractual interest represents the interest on the Company's outstanding debt after giving effect to the interest rate swap agreement.

As of May 2, 2021, there were no amounts outstanding under the letters of credit, swing line loans and alternative currency sub-facilities.