XML 19 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt
3 Months Ended
May 04, 2013
Long-term Debt, Other Disclosures [Abstract]  
Debt
Debt

Senior notes. The Company has two series of unsecured senior notes held by various institutional investors for $150 million. The Series A notes totaling $85 million are due in December 2018 and bear interest at a rate of 6.38%. The Series B notes totaling $65 million are due in December 2021 and bear interest at a rate of 6.53%. The fair value of these notes as of May 4, 2013 of approximately $190 million is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. The senior notes are subject to prepayment penalties for early payment of principal.

Revolving credit facility. The Company's $600 million unsecured revolving credit facility, as amended in June 2012, expires in June 2017 and contains a $300 million sublimit for issuance of standby letters of credit. Interest on this facility is based on LIBOR plus an applicable margin (currently 112.5 basis points) and is payable quarterly and upon maturity. The Company had no borrowings outstanding or letters of credit issued under this facility as of May 4, 2013. As of May 4, 2013, the Company’s $600 million credit facility remains in place and available.

Borrowings under the credit facility and the senior notes are subject to certain covenants, including interest coverage and other financial ratios. In addition, the interest rates under the revolving credit facility may vary depending on actual interest coverage ratios achieved. As of May 4, 2013, the Company was in compliance with these covenants.