3. DEBT

Long-term debt consists of the following (in thousands):


			August 1,		January 31,		August 2,
	Interest Rate		2015		2015		2014

Restated term loan credit facility	Variable		$	2,441,648	$	2,453,770	$	2,466,086
Restated revolving credit facility	Variable			24,000		—		23,000
Senior subordinated notes	5.875	%		514,260		514,654		514,873
PIK notes	7.50 % / 8.25	%		—		180,850		360,850
Total debt				2,979,908		3,149,274		3,364,809
Less current portion				(48,900)		(24,900)		(47,900)
Long-term debt			$	2,931,008	$	3,124,374	$	3,316,909

Cash paid for interest totaled $67.7 million and $158.4 million for the 26 weeks ended August 1, 2015 and August 2, 2014, respectively.

7.50%/8.25% PIK Toggle Notes

On April 6, 2015, an irrevocable notice of redemption was delivered to the holders of the 7.50%/8.25% PIK Toggle Notes due 2018 (“PIK Notes”). Pursuant to the notice, the remaining $180.9 million in principal of the PIK Notes was redeemed on May 6, 2015. In the second quarter of fiscal 2015, the Company recorded $6.1 million of debt extinguishment costs, which consists of a 2% redemption premium and $2.5 million of unamortized debt issuance costs. This final payment retired the PIK Notes and discharged the obligations under the indenture governing the PIK Notes.

Restated Revolving Credit Facility

As of August 1, 2015, the borrowing base of our senior secured asset-based revolving credit facility (“Restated Revolving Credit Facility”) was $650.0 million, of which Michaels Stores, Inc. (“MSI”) had $564.0 million of unused borrowing capacity. Outstanding standby letters of credit, which reduce our borrowing base, totaled $62.0 million as of August 1, 2015. There was $24.0 million of outstanding borrowings under the Restated Revolving Credit Facility as of August 1, 2015.

Debt Issuance Costs

Accumulated amortization of debt issuance costs was $57.6 million, $54.6 million, and $50.8 million as of August 1, 2015, January 31, 2015 and August 2, 2014, respectively.