Note 3 — Long-Term Debt

The following is a summary of the Company’s long-term debt and capital lease obligations:


	April 30,		May 1,		January 29,
(dollars in millions)	2011		2010		2011

Term Loan Facility ⁽¹⁾	$	488.1	$	593.7	$	489.4
Senior subordinated notes ⁽²⁾		174.2		173.8		174.1
Revolving loan facility ⁽³⁾		—		—		—
Capital-lease obligations		1.0		1.0		1.0
Other long-term debt		—		1.2		—


Total debt		663.3		769.7		664.5
Less: current maturities of long-term debt		5.1		6.1		5.1

Long-term debt	$	658.2	$	763.6	$	659.4


(1)		As of April 30, 2011, May 1, 2010 and January 29, 2011, the fair value of the Company’s Term Loan was $488.1 million, $587.0 million and $489.4 million, respectively, based on market conditions and perceived risks as of those dates.

(2)		As of April 30, 2011, May 1, 2010 and January 29, 2011, the fair value of the Company’s senior subordinated notes was $178.1 million, $179.8 million and $177.8 million, respectively, based on trading activity as of those dates.

(3)		As of April 30, 2011, the Company’s borrowing base on its revolving loan facility was $264.9 million less $29.9 million in outstanding letters of credit, or $235.0 million. The variable interest rate, including the applicable variable margin at April 30, 2011, was 1.15%.

As of April 30, 2011, the Company was in compliance with all of its debt covenants related to its outstanding debt.