7. Borrowings

The following table provides details of the Company's long-term debt (in thousands):


							January 28, 2012					October 29, 2011
	Maturity		Stated Annual Interest Rate				Amount		Effective Interest Rate			Amount		Effective Interest Rate
Senior Secured Notes:
2018 Notes		2018			6.625	%	$	300,000		7.05	%	$	300,000		7.05	%
2020 Notes		2020			6.875	%		300,000		7.26	%		300,000		7.26	%
Senior Secured Credit Facility:
Term loan		2014		LIBOR+	2.375	%		120,000		5.42	%		190,000		4.41	%
Capital lease obligations		2015			5.80	%		6,325		5.80	%		6,782		5.80	%

Total long-term debt								726,325					796,782
Less:
Unamortized discount								6,793					7,339
Current portion of long-term debt								27,341					40,539

Total long-term debt, net of current portion							$	692,191				$	748,904

Senior Secured Notes

In January 2010, the Company issued $300 million in aggregate principal amount of senior secured notes due 2018 (the "2018 Notes") and $300 million in aggregate principal amount of senior secured notes due 2020 (the "2020 Notes" and together with the 2018 Notes, the "Senior Secured Notes"). The senior secured notes bear interest payable semi-annually. No payments were made towards the principal of the senior secured notes during the three months ended January 28, 2012.

As of January 28, 2012 and October 29, 2011, the fair value of the Company's senior secured notes was approximately $645 million and $626 million, respectively, estimated based on broker trading prices.

On or after January, 2013, the Company may redeem all or a part of the 2018 Notes at the redemption prices set forth in the Indenture governing the 2018 Notes (the 2018 Indenture), plus accrued and unpaid interest and special interest, if any, to the applicable redemption date. In addition, at any time prior to January, 2013, the Company may, on one or more than one occasion, redeem some or all of the 2018 Notes at any time at a redemption price equal to 100% of the principal amount of the 2018 Notes redeemed, plus a "make-whole" premium as of, and accrued and unpaid interest and special interest, if any, to the applicable redemption date. On or after January, 2015, the Company may redeem all or a part of the 2020 Notes at the redemption prices set forth in the Indenture governing the 2020 Notes (the 2020 Indenture), plus accrued and unpaid interest and special interest, if any, to the applicable redemption date. In addition, at any time prior to January, 2015, the Company may, on one or more than one occasion, redeem some or all of the 2020 Notes at any time at a redemption price equal to 100% of the principal amount of the 2020 Notes redeemed, plus a "make-whole" premium as of, and accrued and unpaid interest and special interest, if any, to the applicable redemption date. At any time prior to January, 2013, the Company may also redeem up to 35% of the aggregate principal amount of the 2018 Notes and 2020 Notes, using the proceeds of certain qualified equity offerings, at the redemption prices set forth in the 2018 Indenture and the 2020 Indenture, respectively.

If the Company experiences specified change of control triggering events, it must offer to repurchase the senior secured notes at a repurchase price equal to 101% of the principal amount of the senior secured notes repurchased, plus accrued and unpaid interest and special interest, if any, to the applicable repurchase date. If the Company or its subsidiaries sell assets under certain specified circumstances, the Company must offer to repurchase the senior secured notes at a repurchase price equal to 100% of the principal amount of the senior secured notes repurchased, plus accrued and unpaid interest and special interest, if any, to the applicable repurchase date.

Senior Secured Credit Facility

In October, 2008, the Company entered into a credit facility agreement for (i) a five-year $1,100 million term loan facility and (ii) a five-year $125 million revolving credit facility, which includes a $25 million swing line loan sub-facility and a $25 million letter of credit sub-facility. The credit facility agreement was subsequently amended in January, 2010 and June, 2011.

The Company may draw additional proceeds from the revolving credit facility in the future for ongoing working capital and other general corporate purposes. The term loan facility and revolving credit facility are referred to together as the "Senior Secured Credit Facility." There were no principal amounts outstanding under the revolving credit facility as of January 28, 2012 and October 29, 2011.

During the three months ended January 28, 2012, the Company paid $70 million towards the principal of the term loan, $62 million of which were voluntary prepayments.

The Company believes that the carrying value of its Senior Secured Credit Facility approximates its fair value as the interest rate is based on a floating market rate.

Debt Maturities


Fiscal Year	Estimated Future Amortization
2012 (remaining nine months)	$	21,410
2013		28,644
2014		75,428
2015		843
2016		—
Thereafter		600,000

Total	$	726,325