Debt and Capital Lease Obligations (Tables)

3 Months Ended

Apr. 30, 2017

Debt Disclosure [Abstract]

Long-term Debt

Debt and capital lease obligations consisted of the following:

(in thousands)	April 30, 2017			January 31, 2017
Revolving credit facility	$	—		$	177,500
Senior Notes	227,000			227,000
2015 VIE Asset-backed Class A notes	—			12,166
2015 VIE Asset-backed Class B notes	113,281			165,900
2016-A VIE Asset-backed Class A notes	4,332			64,732
2016-A VIE Asset-backed Class B notes	70,510			70,510
2016-A VIE Asset-backed Class C notes	70,510			70,510
2016-B VIE Asset-backed Class A notes	148,767			256,513
2016-B VIE Asset-backed Class B notes	111,960			111,960
2017-A VIE Asset-backed Class A notes	313,220			—
2017-A VIE Asset-backed Class B notes	106,270			—
2017-A VIE Asset-backed Class C notes	50,340			—
Capital lease obligations	5,709			2,393
Total debt and capital lease obligations	1,221,899			1,159,184
Less:
Discount on debt	(2,949		)	(3,089		)
Deferred debt issuance costs	(11,308		)	(10,853		)
Current maturities of capital lease obligations	(1,190		)	(849		)
Long-term debt and capital lease obligations	$	1,206,452		$	1,144,393

Schedule of Asset-backed Notes

The asset-backed notes consist of the following:

Asset-Backed Notes	Principal Amount		Net Proceeds(1)		Issuance Date	Maturity Date	Fixed Interest Rate	Effective Interest Rate(2)
2015 Class B Notes	165,900		156,200		9/10/2015	9/15/2020	8.50%	15.60%
2016-A Class A Notes	423,030		409,845		3/17/2016	4/16/2018	4.68%	6.50%
2016-A Class B Notes	70,510		68,309		3/17/2016	8/15/2018	8.96%	9.60%
2016-A Class C Notes	70,510		71,648		10/12/2016	4/15/2020	12.00%	11.00%
2016-B Class A Notes	391,840		380,033		10/6/2016	10/15/2018	3.73%	5.70%
2016-B Class B Notes	111,960		108,586		10/6/2016	3/15/2019	7.34%	8.10%
2017-A Class A Notes	313,220		304,451		4/19/2017	7/15/2019	2.73%	5.50%
2017-A Class B Notes	106,270		103,300		4/19/2017	2/15/2020	5.11%	6.00%
2017-A Class C Notes	50,340		48,919		4/19/2017	10/15/2021	7.40%	7.90%
Total	$	1,703,580	$	1,651,291

(1) After giving effect to debt issuance costs and restricted cash held by the VIEs.

(2) For the three months ended April 30, 2017, and inclusive of retrospective adjustments to deferred debt issuance costs based on changes in timing of actual and expected cash flows.

Covenant Compliance

A summary of the significant financial covenants that govern our revolving credit facility, as amended, compared to our actual compliance status at April 30, 2017 is presented below: 

	Actual	Required Minimum/ Maximum
Interest Coverage Ratio must equal or exceed minimum(1)	1.27:1.00	Not Tested
Leverage Ratio must not exceed maximum	2.42:1.00	4.00:1.00
ABS Excluded Leverage Ratio must not exceed maximum	0.78:1.00	2.00:1.00
Cash Recovery Percent must exceed stated amount	5.51%	4.45%
Capital Expenditures, net, must not exceed maximum	$4.5 million	$75.0 million

(1) Not tested for the three months ended April 30, 2017.