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Debt (Tables)

12 Months Ended

Jan. 31, 2015

Debt as of January 31, 2015 and February 1, 2014 included the following components (in thousands):


	January 31, 2015		February 1, 2014
Long-term debt:
10.5% Senior subordinated notes due 2017	$	259,612	$	259,612
9.0% Senior secured first lien notes due 2019 ⁽¹⁾		1,136,866		1,139,174
8.875% Senior secured second lien notes due 2019		450,000		450,000
6.125% Senior secured first lien notes due 2020		210,000		210,000
7.75% Senior notes due 2020		320,000		320,000

Total long-term debt	$	2,376,478	$	2,378,786

Obligation under capital lease (including current portion)	$	17,124	$	17,232

(1)	Amount includes unamortized premium of $11,866 and $14,174 as of January 31, 2015 and February 1, 2014, respectively.

Total Debt Maturities

As of January 31, 2015, the Company’s total debt maturities are as follows for each of the following fiscal years (in thousands):


	Capital Leases			Debt
2015	$	2,357		$	—
2016		2,404			—
2017		2,453			259,612
2018		2,502			—
2019		2,552			1,575,000
Thereafter		27,721			530,000

Total		39,989		$	2,364,612

Imputed interest		(22,865	)

Present value of minimum capital lease principal payments		17,124
Current portion		170

Long-term capital lease obligation	$	16,954

Components of Interest Expense, Net

The Company’s interest expense, net for Fiscal 2014, Fiscal 2013 and Fiscal 2012 included the following components (in thousands):


	Fiscal 2014			Fiscal 2013			Fiscal 2012
Term loan facility	$	—		$	—		$	17,644
U.S. senior secured revolving credit facility due 2017		3,368			1,745			935
Europe unsecured revolving credit facility due 2017		308			—			—
9.25% Senior fixed rate notes due 2015		—			6,021			20,663
9.625%/10.375% Senior toggle notes due 2015		—			9,895			29,493
10.5% Senior subordinated notes due 2017		27,193			27,191			27,642
9.0% Senior secured first lien notes due 2019		100,985			100,999			62,504
8.875% Senior secured second lien notes due 2019		39,838			39,838			40,716
6.125% Senior secured first lien notes due 2020		12,844			11,379			—
7.75% Senior notes due 2020		24,734			17,875			—
Capital lease obligation		2,203			2,205			2,203
Amortization of deferred debt issue costs		8,026			8,166			9,927
Accretion of debt premium		(2,308	)		(2,120	)		(831	)
Other interest expense		24			232			99
Interest income		(36	)		(65	)		(198	)

Interest expense, net	$	217,179		$	223,361		$	210,797

Components of Accrued Interest Payable

Accrued interest payable as of January 31, 2015 and February 1, 2014 consisted of the following components (in thousands):


	January 31, 2015		February 1, 2014
U.S. senior secured revolving credit facility due 2017	$	71	$	78
Europe unsecured revolving credit facility due 2017		25		—
10.5% Senior subordinated notes due 2017		4,643		4,718
9.0% Senior secured first lien notes due 2019		38,664		38,942
8.875% Senior secured second lien notes due 2019		15,251		15,361
6.125% Senior secured first lien notes due 2020		4,912		4,947
7.75% Senior notes due 2020		4,224		4,292

Total accrued interest payable	$	67,790	$	68,338

Debt Repurchase Activity

The following is a summary of the Company’s note repurchase activity during Fiscal 2013 (in thousands). All debt repurchases in Fiscal 2013 were pursuant to the tender offer and note redemptions described above. There were no debt repurchase activities during Fiscal 2014 and Fiscal 2012.


	Fiscal 2013
	Principal		Repurchase		Recognized
Notes Repurchased	Amount		Price		Loss (1)
9.25% Senior Fixed Rate Notes due 2015 (the “Senior Fixed Rate Notes”)	$	220,270	$	219,802	$	2,597
9.625%/10.375% Senior Toggle Notes due 2015 (the “Senior Toggle Notes”)		302,190		301,947		2,198

	$	522,460	$	521,749	$	4,795

(1)	Net of deferred issuance cost write-offs of $1,829 for the Senior Fixed Rate Notes and $1,766 for the Senior Toggle Notes and tender premiums and fees of $1,236 for the Senior Fixed Rate Notes and $675 for the Senior Toggle Notes.

10.5% Senior subordinated notes due 2017

Redemption Prices of Senior Notes

The Company may redeem the Senior Subordinated Notes at its option, subject to certain notice provisions, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on June 1 of the years set forth below:


Period	Redemption Price
2012		105.25	%
2013		103.50	%
2014		101.75	%
2015 and thereafter		100.00	%

9.0% Senior secured first lien notes due 2019

Redemption Prices of Senior Notes

On or after March 15, 2015, the Company may redeem the 9.0% Senior Secured First Lien Notes at its option, subject to certain notice provisions, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on March 15 of the years set forth below:


Period	Redemption Price
2015		106.750	%
2016		104.500	%
2017		102.250	%
2018 and thereafter		100.000	%

8.875% Senior secured second lien notes due 2019

Redemption Prices of Senior Notes

On or after March 15, 2015, the Company may redeem the Senior Secured Second Lien Notes at its option, subject to certain notice provisions, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on March 15 of the years set forth below:


Period	Redemption Price
2015		104.438	%
2016		102.219	%
2017 and thereafter		100.000	%

7.75% Senior notes due 2020

Redemption Prices of Senior Notes

On or after June 1, 2016, the Company may redeem the 7.75% Senior Notes at its option, subject to certain notice provisions, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on June 1 of the years set forth below:


Period	Redemption Price
2016		103.875	%
2017		101.938	%
2018 and thereafter		100.000	%

6.125% Senior secured first lien notes due 2020

Redemption Prices of Senior Notes

On or after March 15, 2017, the Company may redeem the 6.125% Senior Secured First Lien Notes at its option, subject to certain notice provisions, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on March 15 of the years set forth below:


Period	Redemption Price
2017		103.063	%
2018		101.531	%
2019 and thereafter		100.000	%