Long-Term Debt

6 Months Ended

Jul. 30, 2011

Note 4 — Long-Term Debt

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


	July 30,		July 31,		January 29,
(dollars in millions)	2011		2010		2011

Term Loan Facility ⁽¹⁾	$	486.8	$	592.1	$	489.4
Senior Subordinated Notes ⁽²⁾		174.3		174.0		174.1
Revolving Loan Facility⁽³⁾		—		—		—
Capital-lease obligations		1.0		1.0		1.0
Other long-term debt		—		1.2		—


Total debt		662.1		768.3		664.5
Less: current maturities of long-term debt		5.1		7.3		5.1

Long-term debt	$	657.0	$	761.0	$	659.4

	(1)		As of July 30, 2011, July 31, 2010 and January 29, 2011, the fair value of the Company's Term Loan was $478.4 million, $574.4 million and $489.4 million, respectively, based on market conditions and perceived risks as of those dates.

	(2)		As of July 30, 2011, July 31, 2010 and January 29, 2011, the fair value of the Company's senior subordinated notes was $175.6 million, $176.9 million and $177.8 million, respectively, based on trading activity as of those dates.

	(3)		As of July 30, 2011, the Company's borrowing base on its revolving loan facility was $350.0 million less $28.6 million in outstanding letters of credit, or $321.4 million. The variable interest rate, including the applicable variable margin at July 30, 2011, was 1.13%.

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

On August 16, 2011, the Company amended its $350 million Amended and Restated Loan and Guaranty Agreement ("Revolving Loan Facility") with a $300 million Second Amended and Restated Loan and Guaranty Agreement ("Amended Revolving Loan Facility"). The Amended Revolving Loan Facility is a senior secured loan guaranteed by substantially all the assets of the borrower and the guarantors, having first priority in accounts, inventory and certain related assets. The Amended Revolving Loan Facility matures on August 16, 2016 and bears interest at the London Inter-Bank Offer Rate ("LIBOR"), plus a variable margin of 1.75% to 2.25% or the base rate, as defined in the agreement. The Amended Revolving Loan Facility provides increased flexibility for investments, incurrence of indebtedness and restricted payments including prepayments on its Senior Subordinated Notes, subject to excess line availability tests. The facility will be available as needed for general corporate purposes.