Our long-term debt consisted of the following at each of May 1, 2021, January 30, 2021, and May 2, 2020:

(In thousands)	May 1, 2021		January 30, 2021		May 2, 2020
Convertible notes principal	$	415,025	$	415,025	$	415,025
Less: unamortized discount		85,307		89,735		102,053
Convertible notes, net	$	329,718	$	325,290	$	312,972
Revolving credit facility borrowings		—		—		330,000
Total long-term debt, net	$	329,718	$	325,290	$	642,972

Convertible Notes- Equity portion, net of tax		68,330		68,330		68,330

In April 2020, the Company issued $415 million aggregate principal amount of convertible senior notes due in 2025 in a private placement to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933. The Notes have a stated interest rate of 3.75%, payable semi-annually. The Company may redeem the Notes, in whole or in part, at any time beginning April 2023. The Company used the net proceeds from the offering for general corporate purposes.

The Company does not have the right to redeem the Notes prior to April 17, 2023. On or after April 17, 2023 and prior to the 40th scheduled trading day immediately preceding the maturity date, the Company may redeem all or any portion of the Notes, at its option, for cash, if the last reported sale price of AEO’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 115.7 shares of common stock per $1,000 principal amount of the Notes, equivalent to a conversion price of approximately $8.65 per share.

The Company has the right to settle conversions in any combination of cash and shares of common stock. However, the Company intends to settle the original principal portion of the Notes in cash and any conversion value above the principal in stock. Because of this repayment policy, only the conversion spread portion of the amount owed is reflected as dilutive in earnings per share.

The effective interest rate for the Notes is 10.0% and the Company calculated the effective yield using a market approach. The remaining amortization period of the discount is 4.0 years as of May 1, 2021.

	13 Weeks Ended
(In thousands)	May 1, 2021		May 2, 2020
Accrued interest for interest payments	$	3,934	$	215
Amortization of discount		4,428		213
Total interest expense	$	8,362	$	428

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

(In thousands, except per share amounts)	May 1, 2021
Number of shares convertible		48,000
Conversion price per share	$	8.65
Value in excess of principal if converted	$	987,652

In January 2019, the Company entered into an amended and restated Credit Agreement (the “Credit Agreement”) for five-year, syndicated, asset-based revolving credit facilities (the “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 May 1, 2021, 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 May 1, 2021. As of May 2, 2020, the Company had $330.0 million of outstanding loans under the Credit Agreement.