Loans, overdrafts and long-term debt



(in millions)	April 30, 2016			January 30, 2016			May 2, 2015
Debt:
Senior unsecured notes due 2024, net of unamortized discount	$	398.6		$	398.6		$	398.5
Securitization facility	600.0			600.0			600.0
Senior unsecured term loan	357.5			365.0			385.0
Revolving credit facility	44.0			—			—
Bank overdrafts	30.4			24.4			16.6
Capital lease obligations	0.1			0.2			0.9
Total debt	$	1,430.6		$	1,388.2		$	1,401.0
Less: Current portion of loans and overdrafts	(110.1		)	(57.7		)	(43.0		)
Less: Unamortized capitalized debt issuance fees⁽¹⁾	(9.0		)	(9.5		)	(10.8		)
Total long-term debt	$	1,311.5		$	1,321.0		$	1,347.2


⁽¹⁾	Presentation of capitalized debt issuance costs was revised during the first quarter of Fiscal 2017 upon adoption of ASU 2015-03. See Note 2 for additional information.

Revolving credit facility and term loan (the "Credit Facility")

The Company has a $400 million senior unsecured multi-currency multi-year revolving credit facility agreement, which matures in 2019 and includes a $400 million term loan. As of April 30, 2016, January 30, 2016 and May 2, 2015, the Company had stand-by letters of credit outstanding of $23.8 million, $28.8 million and $21.0 million, respectively, that reduce remaining availability. The revolving credit facility had a weighted average interest rate of 1.42% during the first quarter of Fiscal 2017. Capitalized fees relating to the revolving credit facility total $1.2 million. Accumulated amortization related to these capitalized fees as of April 30, 2016 was $0.5 million (January 30, 2016 and May 2, 2015: $0.4 million and $0.2 million). The remaining unamortized capitalized fees associated with the revolving credit facility are recorded as an asset within the condensed consolidated balance sheets. Amortization relating to these fees of $0.1 million was recorded as interest expense in the condensed consolidated income statements for the 13 weeks ended April 30, 2016 ($0.1 million for the 13 weeks ended May 2, 2015).

The term loan requires the Company to make scheduled quarterly principal payments. Excluding the impact of the interest rate swap designated as a cash flow hedge discussed in Note 13, the term loan had a weighted average interest rate of 1.71% during the first quarter of Fiscal 2017 (first quarter of Fiscal 2016: 1.45%). Capitalized fees relating to the term loan total $5.5 million. Accumulated amortization related to these capitalized fees as of April 30, 2016 was $2.1 million (January 30, 2016 and May 2, 2015: $1.8 million and $1.0 million). The remaining unamortized capitalized fees are recorded as a direct deduction from the outstanding liability within the condensed consolidated balance sheets. Amortization relating to these fees of $0.3 million was recorded as interest expense in the condensed consolidated income statements for the 13 weeks ended April 30, 2016 ($0.2 million for the 13 weeks ended May 2, 2015).

Senior unsecured notes due 2024

Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.700% senior unsecured notes due in 2024 (the “Notes”). The Notes were issued under an effective registration statement previously filed with the SEC. The Notes are jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries (such subsidiaries, the “Guarantors”). See Note 21 for additional information.

Capitalized fees relating to the senior unsecured notes total $7.0 million. Accumulated amortization related to these capitalized fees as of April 30, 2016 was $1.4 million (January 30, 2016 and May 2, 2015: $1.2 million and $0.7 million, respectively). The remaining unamortized capitalized fees are recorded as a direct deduction from the outstanding liability within the condensed consolidated balance sheets. Amortization relating to these fees of $0.2 million was recorded as interest expense in the condensed consolidated income statements for the 13 weeks ended April 30, 2016 ($0.2 million for the 13 weeks ended May 2, 2015).

Asset-backed securitization facility

The Company sold an undivided interest in certain credit card receivables to Sterling Jewelers Receivables Master Note Trust (the “Issuer”) and issued two-year revolving asset-backed variable funding notes. The asset-backed securitization facility had a weighted average interest rate of 1.90% through the first quarter of Fiscal 2017 (first quarter of Fiscal 2016: 1.53%). Capitalized fees relating to the asset-backed securitization facility total $2.8 million. Accumulated amortization related to these capitalized fees as of April 30, 2016 was $2.7 million (January 30, 2016 and May 2, 2015: $2.4 million and $1.3 million, respectively). The remaining unamortized capitalized fees are recorded as an asset within the condensed consolidated balance sheets. Amortization relating to these fees of $0.3 million was recorded as interest expense in the condensed consolidated income statements for the 13 weeks ended April 30, 2016 ($0.4 million for the 13 weeks ended May 2, 2015).

On May 27, 2016, Signet amended the note purchase agreement associated with the asset-backed securitization facility to extend the term of the facility by one year to May 2018 with all terms substantially the same as the original agreement. The Company expects to capitalize approximately $0.6 million of fees incurred to amend the note purchase agreement during the second quarter of Fiscal 2017.

Other

As of April 30, 2016, January 30, 2016 and May 2, 2015, the Company was in compliance with all debt covenants.