Debt Obligations

The following table presents the Company’s debt obligations (in millions):



	September 29, 2018		March 31, 2018
4.000% Senior Notes due 2024	$	450.0	$	450.0
Revolving Credit Facilities	255.0		200.0
Term Loan	59.0		229.8
Other	0.9		0.9
Total debt	764.9		880.7
Less: Unamortized debt issuance costs	3.4		4.2
Less: Unamortized discount on long-term debt	1.9		2.1
Total carrying value of debt	759.6		874.4
Less: Short-term debt	255.0		200.0
Total long-term debt	$	504.6	$	674.4

Senior Unsecured Revolving Credit Facility

The 2017 Credit Facility requires the Company to maintain a leverage ratio as of the end of each fiscal quarter of no greater than 3.5 to 1. Such leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus six times the consolidated rent expense for the last four consecutive fiscal quarters, to Consolidated EBITDAR (as defined below) for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus income tax expense, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash charges, subject to certain additions and deductions. The 2017 Credit Facility also includes covenants that limit additional indebtedness, guarantees, liens, acquisitions and other investments and cash dividends that are customary for financings of this type. As of September 29, 2018, the Company was in compliance with all covenants related to this agreement.

As of September 29, 2018 and March 31, 2018, the Company had borrowings of $255.0 million and $200.0 million, respectively, outstanding under the 2017 Revolving Credit Facility, which were recorded within short-term debt in its consolidated balance sheets. Stand-by letters of credit of $16.1 million were outstanding as of September 29, 2018. At September 29, 2018, the amount available for future borrowings under the 2017 Revolving Credit Facility was $728.9 million.

During the third quarter of Fiscal 2019, the Company repaid the remaining $59.0 million of borrowings outstanding under the Term Loan Facility.

The Company's definitive agreement to acquire Versace entered into on September 24, 2018 (see Note 1) is not subject to financing conditions. The cash portion of the purchase price is expected to be funded by a combination of cash on hand, drawings under the Company’s existing revolving credit facility, and committed underwritten bank term loans from our advisors JPMorgan Chase Bank, N.A. and Barclays, which the Company is in the process of syndicating.

See Note 10 to the Company’s Fiscal 2018 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.