3. DEBT

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


			April 30,		January 30,		May 2,
	Interest Rate		2016		2016		2015
Restated term loan credit facility	Variable		$	2,275,925	$	2,282,150	$	2,450,825
Senior subordinated notes	5.875	%		510,000		510,000		510,000
PIK notes	7.50 % / 8.25	%		—		—		180,850
Total debt				2,785,925		2,792,150		3,141,675
Less unamortized discount/premium and debt costs				(20,961)		(22,308)		(31,539)
Total debt, net				2,764,964		2,769,842		3,110,136
Less current portion				(24,900)		(24,900)		(203,303)
Long-term debt			$	2,740,064	$	2,744,942	$	2,906,833

Restated Revolving Credit Facility

As of April 30, 2016 and May 2, 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 unused borrowing capacity of $585.5 million and $590.5 million, respectively. As of April 30, 2016 and May 2, 2015, outstanding standby letters of credit, which reduce our borrowing base, totaled $64.5 million and $59.5 million, respectively. There were no outstanding borrowings under the Restated Revolving Credit Facility as of April 30, 2016 and May 2, 2015.

On May 27, 2016, MSI entered into an amended and restated credit agreement with Wells Fargo Bank, National Association and other lenders to amend various terms of our Restated Revolving Credit Facility. The amended credit agreement, together with the related security, guarantee and other agreements, is referred to as the “Amended Revolving Credit Facility”. The Amended Revolving Credit Facility provides for senior secured financing of up to $850.0 million, subject to a borrowing base, with the right to request up to $200.0 million of additional commitments. The borrowing base under the Amended Revolving Credit Facility equals the sum of: (i) 90% of eligible credit card receivables, (ii) 85% of eligible trade receivables, (iii) 90% to 92.5% of the appraised value of eligible inventory, plus (iv) 90% to 92.5% of the lesser of (a) the appraised value of eligible inventory supported by letters of credit, and (b) the face amount of the letters of credit, less (v) certain reserves. The Amended Revolving Credit Facility matures in May 2021, subject to a springing maturity date if certain of our outstanding indebtedness has not been repaid, redeemed, refinanced, cash collateralized or if the necessary availability reserves have not been established prior to such time. The obligations under the Amended Revolving Credit Facility are secured by (subject to certain exceptions) a first priority security interest in the current assets of the borrowers and facility guarantors and a second priority security interest in all other assets.

Debt Issuance Costs

Accumulated amortization of debt issuance costs was $63.0 million, $61.0 million and $56.8 million as of April 30, 2016, January 30, 2016 and May 2, 2015, respectively.