Loans, overdrafts and long-term debt



(in millions)	July 29, 2017			January 28, 2017			July 30, 2016
Debt:
Senior unsecured notes due 2024, net of unamortized discount	$	398.9		$	398.8		$	398.7
Securitization facility	600.0			600.0			600.0
Senior unsecured term loan	339.6			348.6			357.5
Revolving credit facility	303.0			56.0			200.0
Bank overdrafts	11.1			14.2			22.1
Capital lease obligations	—			—			0.1
Total debt	$	1,652.6		$	1,417.6		$	1,578.4
Less: Current portion of loans and overdrafts	(939.4		)	(91.1		)	(238.6		)
Less: Unamortized capitalized debt issuance fees	(7.9		)	(8.6		)	(9.3		)
Total long-term debt	$	705.3		$	1,317.9		$	1,330.5

Revolving credit facility and term loan (the “Credit Facility”)

The Company’s Credit Facility contains a $700 million senior unsecured multi-currency multi-year revolving credit facility and a $357.5 million senior unsecured term loan facility. The maturity date for the Credit Facility, including both individual facilities disclosed above, is July 2021.

Capitalized fees associated with the revolving credit facility as of July 29, 2017 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 July 29, 2017 was $1.0 million (January 28, 2017 and July 30, 2016: $0.8 million and $0.6 million, respectively). Amortization relating to these fees of $0.1 million and $0.2 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 26 weeks ended July 29, 2017, respectively ($0.1 million and $0.2 million for the 13 and 26 weeks ended July 30, 2016, respectively). As of July 29, 2017, January 28, 2017 and July 30, 2016, the Company had stand-by letters of credit outstanding of $15.3 million, $15.3 million and $14.8 million, respectively, that reduce remaining borrowing availability. The revolving credit facility had a weighted average interest rate of 2.40% and 1.54% during the 26 weeks ended July 29, 2017 and July 30, 2016, respectively.

Capitalized fees associated with the term loan facility as of July 29, 2017 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 July 29, 2017 was $3.1 million (January 28, 2017 and July 30, 2016: $2.7 million and $2.3 million, respectively). Amortization relating to these fees of $0.2 million and $0.4 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 26 weeks ended July 29, 2017, respectively ($0.2 million and $0.5 million for the 13 and 26 weeks ended July 30, 2016, respectively). 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 2.25% and 1.71% during the 26 weeks ended July 29, 2017 and July 30, 2016, 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 July 29, 2017 was $2.2 million (January 28, 2017 and July 30, 2016: $1.9 million and $1.5 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 $0.1 million and $0.3 million was recorded as interest expense in the condensed consolidated income statements for the 13 and 26 weeks ended July 29, 2017, respectively ($0.1 million and $0.3 million for the 13 and 26 weeks ended July 30, 2016, 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. Capitalized fees associated with the asset-backed securitization facility as of July 29, 2017 total $3.4 million, offset by accumulated amortization of $3.2 million (January 28, 2017 and July 30, 2016: $3.1 million and $2.9 million, respectively), with the unamortized balance 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 and 26 weeks ended July 29, 2017 ($0.2 million and $0.5 million for the 13 and 26 weeks ended July 30, 2016, respectively). The asset-backed securitization facility had a weighted average interest rate of 2.46% and 1.92% during the 26 weeks ended July 29, 2017 and July 30, 2016, respectively.

As a condition of the pending credit transaction disclosed in Note 3, the Company is required to defease the asset-backed securitization facility to transfer the receivables free and clear. The $600.0 million balance outstanding on the asset-backed securitization facility was reclassified from long-term debt to current portion of loans and overdrafts in the condensed consolidated balance sheet as of July 29, 2017 due to the expected repayment within the next 12 months.

Other

As of July 29, 2017, January 28, 2017 and July 30, 2016, the Company was in compliance with all debt covenants.