Loans, overdrafts and long-term debt



(in millions)	October 29, 2016			January 30, 2016			October 31, 2015
Debt:
Senior unsecured notes due 2024, net of unamortized discount	$	398.7		$	398.6		$	398.6
Securitization facility	600.0			600.0			600.0
Senior unsecured term loan	353.0			365.0			372.5
Revolving credit facility	259.0			—			147.0
Bank overdrafts	11.1			24.4			70.1
Capital lease obligations	—			0.2			0.3
Total debt	$	1,621.8		$	1,388.2		$	1,588.5
Less: Current portion of loans and overdrafts	(288.8		)	(57.7		)	(248.0		)
Less: Unamortized capitalized debt issuance fees⁽¹⁾	(8.8		)	(9.5		)	(9.9		)
Total long-term debt	$	1,324.2		$	1,321.0		$	1,330.6


⁽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")

During the second quarter of Fiscal 2017, Signet amended and restated its Credit Facility agreement to (i) increase the borrowing capacity under the revolving credit facility from $400 million to $700 million and extend the maturity date to July 2021 and (ii) extend the maturity date of the term loan facility to July 2021 and revise the scheduled quarterly principal repayments to align with the July 2021 maturity date. The amendment of the Credit Facility was accounted for as a modification of existing debt in accordance with ASC Topic 470-50, "Debt Modifications and Extinguishments."

In connection with the amendment of the revolving credit facility, incremental fees of $1.4 million were incurred and capitalized. Capitalized fees associated with the amended revolving credit facility as of October 29, 2016 total $2.6 million with the unamortized balance recorded as an asset within the condensed consolidated balance sheets. Accumulated amortization related to these capitalized fees as of October 29, 2016 was $0.7 million (January 30, 2016 and October 31, 2015: $0.4 million and $0.3 million, respectively). Amortization relating to these fees of $0.1 million and $0.3 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 39 weeks ended October 29, 2016, respectively ($0.0 million and $0.2 million for the 13 and 39 weeks ended October 31, 2015, respectively). As of October 29, 2016, January 30, 2016 and October 31, 2015, the Company had stand-by letters of credit outstanding of $14.8 million, $28.8 million and $21.3 million, respectively, that reduce remaining borrowing availability. The revolving credit facility had a weighted average interest rate of 1.68% and 1.18% during the 39 weeks ended October 29, 2016 and October 31, 2015, respectively.

The senior unsecured term loan had an outstanding principal balance of $357.5 million as of the amendment date. Beginning in October 2016, the Company is required to make scheduled quarterly principal payments equal to the amounts per annum of the outstanding principal balance as follows: 5% in the first year, 7.5% in the second year, 10% in the third year, 12.5% in the fourth year and 15% in the fifth year after the initial payment date, with the balance due in July 2021. Excluding the impact of the interest rate swap designated as a cash flow hedge discussed in Note 14, the term loan had a weighted average interest rate of 1.74% and 1.46% during the 39 weeks ended October 29, 2016 and October 31, 2015, respectively. In connection with the amendment of the term loan facility, incremental fees of $0.7 million were incurred and capitalized. Capitalized fees associated with the amended term loan facility as of October 29, 2016 total $6.2 million with the unamortized balance recorded as a direct deduction from the outstanding liability within the condensed consolidated balance sheets. Accumulated amortization related to these capitalized fees as of October 29, 2016 was $2.5 million (January 30, 2016 and October 31, 2015: $1.8 million and $1.6 million, respectively). Amortization relating to these fees of $0.2 million and $0.7 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 39 weeks ended October 29, 2016, respectively ($0.4 million and $0.8 million for the 13 and 39 weeks ended October 31, 2015, respectively).

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 22 for additional information.

Capitalized fees relating to the senior unsecured notes total $7.0 million. Accumulated amortization related to these capitalized fees as of October 29, 2016 was $1.7 million (January 30, 2016 and October 31, 2015: $1.2 million and $1.0 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 and $0.5 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 39 weeks ended October 29, 2016, respectively ($0.2 million and $0.5 million for the 13 and 39 weeks ended October 31, 2015, respectively).

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. During the second quarter of Fiscal 2017, 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 remaining terms substantially consistent with the existing agreement. The amendment was accounted for as a modification of existing debt in accordance with ASC 470-50. In connection with the amendment of the note purchase agreement, incremental fees of $0.6 million were incurred and capitalized. Capitalized fees associated with the existing and amended asset-backed securitization facility as of October 29, 2016 total $3.4 million with the unamortized balance recorded as an asset within the condensed consolidated balance sheets. Accumulated amortization related to these capitalized fees as of October 29, 2016 was $3.0 million (January 30, 2016 and October 31, 2015: $2.4 million and $1.9 million, respectively). Amortization relating to these fees of $0.1 million and $0.6 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 39 weeks ended October 29, 2016, respectively ($0.3 million and $1.0 million for the 13 and 39 weeks ended October 31, 2015, respectively). The asset-backed securitization facility had a weighted average interest rate of 1.98% and 1.56% during the 39 weeks ended October 29, 2016 and October 31, 2015, respectively.

Other

As of October 29, 2016, January 30, 2016 and October 31, 2015, the Company was in compliance with all debt covenants.