Quarterly report pursuant to Section 13 or 15(d)

DEBT

v3.7.0.1
DEBT
6 Months Ended
Jul. 29, 2017
DEBT  
DEBT

3. DEBT

 

Long-term debt consists of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 29,

 

January 28,

 

July 30,

 

 

Interest Rate

 

2017

 

2017

 

2016

 

Term loan credit facility

Variable

 

$

2,251,025

 

$

2,263,475

 

$

2,269,700

 

Asset-based revolving credit facility

Variable

 

 

81,000

 

 

 —

 

 

42,000

 

Senior subordinated notes

5.875

%

 

510,000

 

 

510,000

 

 

510,000

 

Total debt

 

 

 

2,842,025

 

 

2,773,475

 

 

2,821,700

 

Less unamortized discount/premium and debt costs

 

 

 

(17,425)

 

 

(19,163)

 

 

(19,613)

 

Total debt, net

 

 

 

2,824,600

 

 

2,754,312

 

 

2,802,087

 

Less current portion

 

 

 

(112,125)

 

 

(31,125)

 

 

(66,900)

 

Long-term debt

 

 

$

2,712,475

 

$

2,723,187

 

$

2,735,187

 

 

 

Revolving Credit Facility

 

As of July 29, 2017 and July 30, 2016, the borrowing base under our senior secured asset-based revolving credit facility was $827.7 million and $696.4 million, respectively, of which Michaels Stores, Inc. (“MSI”) had unused borrowing capacity of $681.4 million and $597.1 million, respectively. As of July 29, 2017 and July 30, 2016, outstanding standby letters of credit, which reduce our borrowing base, totaled $65.3 million and $57.3 million, respectively.

 

Debt Issuance Costs

 

Accumulated amortization of debt issuance costs was $66.2 million,  $63.7 million and $61.0 million as of July 29, 2017, January 28, 2017 and July 30, 2016, respectively.