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Debt
9 Months Ended
Nov. 01, 2014
Long-term Debt, Other Disclosures [Abstract]  
Debt
Debt

Senior notes. Unsecured senior debt, net of unamortized discounts, consists of the following:

($000)
 
November 1, 2014

 
February 1, 2014

 
November 2, 2013

6.38% Series A Senior Notes due 2018
 
$
85,000

 
$
85,000

 
$
85,000

6.53% Series B Senior Notes due 2021
 
65,000

 
65,000

 
65,000

3.375% Senior Notes due 2024¹
 
248,339

 

 

Total
 
$
398,339

 
$
150,000

 
$
150,000

¹Net of unamortized discount of $1.7 million at November 1, 2014.

In September 2014, the Company issued unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million at a price equal to 99.329% of the principal amount. Cash proceeds, net of discount and other issuance fees and expenses, were approximately $246 million and were used to purchase the Company’s New York buying office for $222 million and for other general corporate purposes. Interest on the 2024 Notes is payable semi-annually beginning March 2015. At November 1, 2014, the total unamortized discount related to the 2024 Notes was $1.7 million.

At November 1, 2014, the Company also had outstanding two series of unsecured senior notes in the aggregate principal amount of $150 million, held by various institutional investors. 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%. Borrowings under these senior notes are subject to certain financial covenants, including interest coverage and other financial ratios. As of November 1, 2014, we were in compliance with these covenants.

The collective fair value of these senior notes is approximately $426 million as of November 1, 2014 and 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 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 100 basis points) and is payable quarterly and upon maturity. As of November 1, 2014 the Company had no borrowings or standby letters of credit outstanding under this facility and the $600 million credit facility remains in place and available.
 
The revolving credit facility is subject to certain financial 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 November 1, 2014, the Company was in compliance with these covenants.