Our long-term debt consisted of the following at April 30, 2022, January 29, 2022, and May 1, 2021:


(In thousands)	April 30, 2022		January 29, 2022		May 1, 2021
Convertible notes principal	$	412,025	$	412,025	$	415,025
Less: unamortized discount		6,218		71,023		85,307
Convertible notes, net	$	405,807	$	341,002	$	329,718

Convertible notes - equity portion, net of tax		—		58,454		68,330

In April 2020, the Company issued $415 million aggregate principal amount of 2025 Notes in a private placement to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The 2025 Notes have a stated interest rate of 3.75%, payable semi-annually. The Company may redeem the 2025 Notes, in whole or in part, at any time beginning April 17, 2023. The Company used the net proceeds from the offering for general corporate purposes.

The Company does not have the right to redeem the 2025 Notes prior to April 17, 2023. On or after April 17, 2023 and prior to the fortieth scheduled trading day immediately preceding the maturity date, the Company may redeem all or any portion of the 2025 Notes, at its option, for cash, if the last reported sale price of the Company's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. Beginning January 2025, noteholders may convert their notes for approximately 119.1 shares of the Company's common stock per $1,000 principal amount of the notes, equivalent to a conversion price of approximately $8.40 per share.

The effective interest rate for the 2025 Notes is 4.3% and we calculated the effective yield using a market approach. The remaining amortization period of the discount was 3.0 years as of April 30, 2022.

Interest expense for the 2025 Notes was:


	13 Weeks Ended
(In thousands)	April 30, 2022		May 1, 2021
Accrued interest for interest payments	$	3,906	$	3,934
Amortization of discount		527		4,428
Total interest expense	$	4,433	$	8,362

Refer to Note 2 to the Consolidated Financial Statements for additional information regarding the impact of the adoption of ASU 2020-06 on the 2025 Notes.

The following table discloses conversion amounts if the 2025 Notes were all converted as of the end of the period:


(In thousands, except per share amounts)	April 30, 2022
Number of shares convertible		49,058
Conversion price per share		8.40
Value in excess of principal if converted		515,282

In January 2019, the Company entered into an amended and restated Credit Agreement (the “Credit Agreement”) which provides for Credit Facilities. The Credit Agreement provides senior secured revolving credit for loans and letters of credit up to $400 million, subject to customary borrowing base limitations. The Credit Facilities expire on January 30, 2024.

All obligations under the Credit Facilities are unconditionally guaranteed by certain subsidiaries. The obligations under the Credit Agreement are secured by a first-priority security interest in certain working capital assets of the borrowers and guarantors, consisting primarily of cash, receivables, inventory and certain other assets, and have been further secured by first-priority mortgages on certain real property.

As of April 30, 2022, the Company was in compliance with the terms of the Credit Agreement and had $7.9 million outstanding in stand-by letters of credit. No loans were outstanding under the Credit Agreement as of April 30, 2022 and May 1, 2021.