Debt and Capital Lease Obligations (Tables)

9 Months Ended

Oct. 31, 2017

Debt and capital lease obligations consisted of the following:



(in thousands)	October 31, 2017			January 31, 2017
Revolving credit facility	$	352,000		$	177,500
Senior Notes	227,000			227,000
2015 VIE Asset-backed Class A notes	—			12,166
2015 VIE Asset-backed Class B notes	—			165,900
2016-A VIE Asset-backed Class A notes	—			64,732
2016-A VIE Asset-backed Class B notes	—			70,510
2016-A VIE Asset-backed Class C notes	—			70,510
2016-B VIE Asset-backed Class A notes	8,563			256,513
2016-B VIE Asset-backed Class B notes	111,960			111,960
2017-A VIE Asset-backed Class A notes	129,583			—
2017-A VIE Asset-backed Class B notes	106,270			—
2017-A VIE Asset-backed Class C notes	50,340			—
2017 Warehouse Class A Notes	56,874			—
Capital lease obligations	5,213			2,393
Total debt and capital lease obligations	1,047,803			1,159,184
Less:
Discount on debt	(2,668		)	(3,089		)
Deferred debt issuance costs	(6,206		)	(10,853		)
Current maturities of long-term debt and capital lease obligations	(65,651		)	(849		)
Long-term debt and capital lease obligations	$	973,278		$	1,144,393

Schedule of Asset-backed Notes

The asset-backed notes at origination consisted of the following:



Asset-Backed Notes	Original Principal Amount		Net Proceeds⁽¹⁾		Issuance Date	Maturity Date	Contractual Interest Rate	Effective Interest Rate⁽²⁾
2016-B Class A Notes	391,840		380,033		10/6/2016	10/15/2018	3.73%	5.47%
2016-B Class B Notes	111,960		108,586		10/6/2016	3/15/2019	7.34%	8.03%
2017-A Class A Notes	313,220		304,451		4/19/2017	7/15/2019	2.73%	4.96%
2017-A Class B Notes	106,270		103,300		4/19/2017	2/15/2020	5.11%	5.83%
2017-A Class C Notes	50,340		48,919		4/19/2017	10/15/2021	7.40%	7.91%
2017 Warehouse Class A Notes	79,940		78,777		8/15/2017	8/15/2018	1M CP + 4% ⁽³⁾	7.02%
Total	$	1,053,570	$	1,024,066


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


(2)	For the nine months ended October 31, 2017, and inclusive of 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 October 31, 2017 is presented below:



	Actual	Required Minimum/ Maximum
Interest Coverage Ratio must equal or exceed minimum	1.75:1.00	1.10:1.00
Leverage Ratio must not exceed maximum	2.49:1.00	4.00:1.00
ABS Excluded Leverage Ratio must not exceed maximum	1.71:1.00	2.00:1.00
Cash Recovery Percent must exceed stated amount	4.80%	4.45%
Capital Expenditures, net, must not exceed maximum	$1.0 million	$75.0 million