Debt and Financing Lease Obligations (Tables)

9 Months Ended

Oct. 31, 2020

Debt and financing lease obligations consisted of the following:


(in thousands)	October 31, 2020		January 31, 2020
Revolving Credit Facility	$	—	$	29,100
Senior Notes	227,000		227,000
2017-B VIE Asset-backed Class C Notes	—		59,655
2018-A VIE Asset-backed Class A Notes	2,029		34,112
2018-A VIE Asset-backed Class B Notes	2,861		20,572
2018-A VIE Asset-backed Class C Notes	2,861		20,572
2019-A VIE Asset-backed Class A Notes	27,393		76,241
2019-A VIE Asset-backed Class B Notes	35,180		64,750
2019-A VIE Asset-backed Class C Notes	33,963		62,510
2019-B VIE Asset-backed Class A Notes	61,412		265,810
2019-B VIE Asset-backed Class B Notes	85,540		85,540
2019-B VIE Asset-backed Class C Notes	83,270		83,270
2020-A VIE Asset-backed Class A Notes	174,900		—
2020-A VIE Asset-backed Class B Notes	65,200		—
Financing lease obligations	5,665		5,209
Total debt and financing lease obligations	807,274		1,034,341
Less:
Discount on debt	(983)		(1,404)
Deferred debt issuance costs	(4,936)		(6,797)
Current maturities of long-term debt and financing lease obligations	(769)		(605)
Long-term debt and financing lease obligations	$	800,586	$	1,025,535

Schedule of Asset-backed Notes

The asset-backed notes outstanding as of October 31, 2020 consisted of the following:


(dollars in thousands)
Asset-Backed Notes	Original Principal Amount		Original Net Proceeds (1)		Current Principal Amount		Issuance Date	Maturity Date	Contractual Interest Rate	Effective Interest Rate (2)
2018-A Class A Notes	$	219,200	$	217,832	$	2,029	8/15/2018	1/17/2023	3.25%	5.03%
2018-A Class B Notes	69,550		69,020		2,861		8/15/2018	1/17/2023	4.65%	5.65%
2018-A Class C Notes	69,550		68,850		2,861		8/15/2018	1/17/2023	6.02%	7.02%
2019-A Class A Notes	254,530		253,026		27,393		4/24/2019	10/16/2023	3.40%	4.41%
2019-A Class B Notes	64,750		64,276		35,180		4/24/2019	10/16/2023	4.36%	4.87%
2019-A Class C Notes	62,510		61,898		33,963		4/24/2019	10/16/2023	5.29%	5.81%
2019-B Class A Notes	317,150		315,417		61,412		11/26/2019	6/17/2024	2.66%	4.34%
2019-B Class B Notes	85,540		84,916		85,540		11/26/2019	6/17/2024	3.62%	4.22%
2019-B Class C Notes	83,270		82,456		83,270		11/26/2019	6/17/2024	4.60%	5.02%
2020-A Class A Notes	174,900		173,716		174,900		10/16/2020	6/16/2025	1.71%	3.58%
2020-A Class B Notes	65,200		64,754		65,200		10/16/2020	6/16/2025	4.27%	5.86%
Total	$	1,466,150	$	1,456,161	$	574,609

(1)After giving effect to debt issuance costs.

(2)For the nine months ended October 31, 2020, and inclusive of the impact 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, 2020 is presented below:


	Actual	Required Minimum/ Maximum
Interest Coverage Ratio for the quarter must equal or exceed minimum	4.05:1.00	1.00:1.00
Interest Coverage Ratio for the trailing two quarters must equal or exceed minimum	4.69:1.00	1.50:1.00
Leverage Ratio must not exceed maximum	1.84:1.00	4.50:1.00
ABS Excluded Leverage Ratio must not exceed maximum	0.89:1.00	2.50:1.00
Capital Expenditures, net, must not exceed maximum	$34.5 million	$100.0 million