5. Long-Term Debt and Credit Agreements

A summary of the components of long-term debt is as follows:

	August 1, 2015			January 31, 2015
Term Loan Facility (refinanced on March 5, 2014)	$	1,547,412		$	1,555,248
Less current portion		(15,670	)		(15,670	)
Less discount		(6,249	)		(6,809	)
Long-term debt, net	$	1,525,493		$	1,532,769
Borrowings under the ABL Facility	$	10,000		$	—

ABL Facility

The ABL Facility is governed by an asset-based credit agreement with Bank of America, N.A., as administrative agent and the other agents and lenders party thereto, that provides for a $300 million senior secured asset-based revolving line of credit (which may be increased by up to $75 million in certain circumstances), subject to a borrowing base limitation. The ABL Facility includes borrowing capacity in the form of letters of credit up to the entire amount of the facility, and up to $25 million in U.S. dollars for loans on same-day notice, referred to as swingline loans, and is available in U.S. dollars, Canadian dollars and Euros. On March 5, 2014, the ABL Facility was amended to, among other things, permit (i) the incurrence of additional secured indebtedness under the Term Loan Facility and (ii) the redemption in full of the Company’s 8.125% senior notes due 2019 (the “Senior Notes”). On December 10, 2014, the ABL Facility was further amended to among other things, (i) increase the revolving credit commitments from $250 million to $300 million, (ii) extend the maturity, and (iii) reduce the pricing on loans and letters of credit. Any amounts outstanding under the ABL Facility are due and payable in full on December 10, 2019.

On August 1, 2015, standby letters of credit were $18.4 million, outstanding borrowings were $10 million, and excess availability, as defined, was $271.6 million. Average short-term borrowings under the ABL Facility were $4.8 million and $2.0 million in the first half of fiscal 2015 and fiscal 2014, respectively. The interest rate on the $10 million outstanding under the ABL Facility was 1.44% on August 1, 2015.

Demand Letter of Credit Facility

The Company has unsecured, demand letter of credit facilities with HSBC and Bank of America which provide for the issuance of up to $50 million and $20 million, respectively, of documentary letters of credit on a no fee basis. On August 1, 2015, outstanding documentary letters of credit were $16.4 million and availability was $53.6 million in the aggregate under these facilities

Term Loan Facility

On March 5, 2014, the Company refinanced its Term Loan Facility, the proceeds of which were used to (i) refinance amounts outstanding under the former term loan facility of $1,167 million and (ii) together with cash on hand, redeem in full outstanding Senior Notes of $400 million, and to pay fees, call premiums and accrued interest to the date of redemption, pursuant to the indenture governing the Senior Notes. The maturity date of the Term Loan Facility is March 5, 2021.

Borrowings under the Term Loan Facility bear interest at a rate per annum equal to an applicable margin plus, at Group’s option, either (a) LIBOR determined by reference to the costs of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs (subject to a floor) or (b) a base rate determined by reference to the highest of (1) the prime rate of Bank of America, N.A., (2) the federal funds effective rate plus 0.50% and (3) a LIBOR determined by reference to the costs of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00%.

The Company is required to make principal repayments equal to 0.25% of the original principal amount of the Term Loan Facility, or $3.9 million, on the last business day of January, April, July, and October. The Company is also required to repay the term loan based on an annual calculation of excess cash flow, as defined in the agreement.

The interest rate on the $1,547 million outstanding under the Term Loan Facility was 4.00% on August 1, 2015. The applicable margin in effect for base rate borrowings was 2.00% and the LIBOR Floor and applicable margin with respect to LIBOR borrowings were 1.00% and 3.00%, respectively, at August 1, 2015.

Interest expense

A summary of the components of interest expense is as follows:

	For the Twenty-six Weeks Ended August 1, 2015		For the Twenty-six Weeks Ended August 2, 2014
Term Loan Facility	$	31,409	$	30,309
Senior Notes (redeemed on March 5, 2014)		—		5,314
Amortization of deferred financing costs and debt discount		2,512		3,045
Hedging losses		130		450
Other interest, net of interest income		712		300
Interest expense, net	$	34,763	$	39,418

Loss on refinancing

A summary of the components of the loss on refinancing is as follows:

	For the Twenty-six Weeks Ended August 2, 2014
Prior unrealized losses on cash flow hedge (see note 6)	$	22,380
Call premium on Senior Notes (redeemed on March 5, 2014)		16,252
Write-off of deferred financing costs		15,623
Other financing costs		4,531
Loss on refinancing	$	58,786

Additionally, in connection with the refinancing, the Company paid costs of $8.5 million, of which $7.8 million were recorded as debt discount.