Indebtedness (Tables)

9 Months Ended

Oct. 31, 2013

Debt outstanding as of October 31, 2013, and January 31, 2013, was as follows:


	October 31,			January 31,
(in thousands)	2013			2013
Credit agreement	$	101,000		$	95,000
Capital lease obligations		3,536			3,645
Less amounts representing interest		(870	)		(993	)
Notes payable		14,899			11,676

Total debt		118,565			109,328
Less notes payable and current maturities of long-term debt		(15,822	)		(12,789	)

Total long-term debt	$	102,743		$	96,539

Schedule of Quarterly Covenants per Amendment to Credit Agreement

The November 2013 amendment also provides that effective upon the closing of the Permitted Convertible Notes Offering, described below, that the net proceeds from such offering must be applied to repay amounts outstanding under the Credit Agreement. Pursuant to the terms of the November 2013 amendment on November 12, 2013 (the date the Permitted Convertible Notes Offering was closed) among other things: (i) the commitments under the Credit Agreement were further reduced from $180.0 million to $150.0 million; (ii) the interest rate under the Credit Agreement was reduced to, at the Company’s option, either the LIBOR rate plus 4.0% or the base rate plus 3.0% until the delivery of the financial statements for the fiscal year ended January 31, 2015, at which time the interest rate will vary based on the Company’s leverage; (iii) a minimum Asset Coverage Ratio (generally defined as the ratio of accounts receivable and inventory for the Company and its subsidiaries to outstanding borrowings and letters of credit under the credit agreement) of 2.00 to 1.00 was added to the Credit Agreement; (iv) a covenant was added requiring the Company to have Minimum Liquidity (generally defined as the remaining amount available for borrowing under the revolving credit facility plus up to $15.0 million of unrestricted cash) of at least $50.0 million; (v) the amount of Priority Indebtedness, investments, acquisitions and restricted payments permitted under the Credit Agreement (although such amounts are lower than the amounts permitted prior to the November 2013 amendment); and (vi) amend the financial covenants as follows:


	Quarter Ended
(in thousands except for ratios)	October 31, 2013		January 31, 2014		April 30, 2014		July 31, 2014		October 31, 2014		Thereafter
Minimum Quarterly EBITDA	$	5,000		6,750		11,500		12,500		10,500		—
Minimum Ratio of EBITDA to Fixed Charges		—		—		1.5X		1.5X		1.5X		1.5X
Maximum Funded Debt to EBITDA		—		—		—		—		—		3.0X
Maximum Capital Expenditures (1)	$	—	$	9,500	$	14,000	$	14,000	$	14,000	$	14,000

(1)	Maximum capital expenditures presented above include a rollover feature that allows for any unused portion of the previous quarter’s capital expenditures to be carried forward and utilized only in the next quarter.

Schedule of Debt Outstanding Maturities

As of October 31, 2013, debt outstanding will mature as follows:


					Capitalized
	Notes		Credit		Lease
(in thousands)	Payable		Agreement		Obligations		Total
2014	$	14,583	$	—	$	1,239	$	15,822
2015		296		—		1,085		1,381
2016		12		101,000		342		101,354
2017		8		—		—		8