Debt

6 Months Ended

Aug. 03, 2019

Senior notes. Unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following:



($000)	August 3, 2019		February 2, 2019		August 4, 2018
6.38% Series A Senior Notes due 2018	$	—	$	—	$	84,989
6.53% Series B Senior Notes due 2021	64,953		64,942		64,933
3.375% Senior Notes due 2024	247,712		247,498		247,284
Total long-term debt	$	312,665	$	312,440	$	397,206
Less: current portion	—		—		84,989
Total due beyond one year	$	312,665	$	312,440	$	312,217

As of August 3, 2019, the Company had outstanding unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million. Interest on the 2024 Notes is payable semi-annually.

As of August 3, 2019, the Company also had outstanding Series B unsecured Senior Notes in the aggregate principal amount of $65 million held by various institutional investors. The Series B notes are due in December 2021, and bear interest at 6.53%. Borrowings under these Senior Notes are subject to certain financial covenants, including interest coverage and other financial ratios. As of August 3, 2019, the Company was in compliance with these covenants.

On December 13, 2018, the Company repaid at maturity the $85 million principal amount of the Series A 6.38% unsecured Senior Notes.

As of August 3, 2019, February 2, 2019, and August 4, 2018, total unamortized discount and debt issuance costs were $2.3 million, $2.6 million, and $2.8 million, respectively, and were classified as a reduction of Long-term debt.

The 2024 Notes, and the Series B Senior Notes are subject to prepayment penalties for early payment of principal.

The aggregate fair value of the two outstanding series of Senior Notes was approximately $332 million and $316 million, as of August 3, 2019 and February 2, 2019, respectively, compared to $403 million for the then three outstanding series of Senior Notes as of August 4, 2018. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.

The table below shows the components of interest expense and income for the three and six month periods ended August 3, 2019 and August 4, 2018:



	Three Months Ended						Six Months Ended
($000)	August 3, 2019			August 4, 2018			August 3, 2019			August 4, 2018
Interest expense on long-term debt	$	3,283		$	4,646		$	6,566		$	9,291
Other interest expense	227			233			540			535
Capitalized interest	(1,118		)	(634		)	(1,883		)	(1,132		)
Interest income	(7,174		)	(5,638		)	(15,640		)	(10,590		)
Interest income, net	$	(4,782	)	$	(1,393	)	$	(10,417	)	$	(1,896	)

Revolving credit facility. In July 2019, the Company entered into a new $800 million unsecured revolving credit facility, which replaced the Company’s previous $600 million unsecured revolving credit facility. This new credit facility expires in July 2024, and contains a $300 million sublimit for issuance of standby letters of credit. The facility also contains an option allowing the Company to increase the size of its credit facility by up to an additional $300 million, with the agreement of the lenders. Interest on any borrowings under this facility is based on LIBOR (or an alternate benchmark rate, if LIBOR is no longer available) plus an applicable margin (currently 75 basis points) and is payable quarterly and upon maturity. The revolving credit facility may be extended, at the Company's option, for up to two additional one-year periods, subject to customary conditions. As of August 3, 2019, the Company had no borrowings or standby letters of credit outstanding under this facility and the $800 million credit facility remains in place and available.

The revolving credit facility is subject to a financial leverage ratio covenant. As of August 3, 2019, the Company was in compliance with this covenant.