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Long-Term Debt
 3 Months Ended
Apr. 26, 2020
Debt Instruments [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt and the current period interest rates were as follows:
 
Balance as of
(in thousands)
April 26, 2020
 
January 26, 2020
Revolving loans
$
193,000

 
$
197,000

Total long-term debt
193,000

 
197,000

Debt issuance costs
(2,160
)
 
(2,257
)
Total long-term debt, net of debt issuance costs
$
190,840

 
$
194,743

Effective interest rate 1
2.00
%
 
2.95
%

(1) As of April 26, 2020, the effective interest rate is a weighted-average rate that represents interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 0.83% as of April 26, 2020, plus a margin of 1.25% (total variable rate of 2.08%). As of January 26, 2020, the interest rate was a variable rate based on the one-month LIBOR rate, which was 1.7% as of January 26, 2020, plus a margin of 1.25% (total variable rate of 2.95%).
On November 7, 2019, the Company, with certain of its domestic subsidiaries as guarantors, entered into an amended and restated credit agreement (the "Credit Agreement") with the lenders party thereto and HSBC Bank USA, National Association, as administrative agent, swing line lender and letter of credit issuer in order to provide a more flexible borrowing structure by expanding the borrowing capacity of the revolving loans under the senior secured first lien credit facility (the "Credit Facility") to $600.0 million, eliminating the term loans under the prior facility and extending the maturity to November 7, 2024.
As of April 26, 2020, the Company was in compliance with the financial covenants required under the Credit Facility.
As of April 26, 2020, the Company had $193.0 million outstanding under its Credit Facility, which had $407.0 million of undrawn borrowing capacity. The outstanding borrowings are due at maturity on November 7, 2024.
Interest expense was comprised of the following components for the periods presented:
 
Three Months Ended
(in thousands)
April 26, 2020
 
April 28, 2019
Contractual interest
$
1,438

 
$
2,342

Amortization of debt discount and issuance costs
121

 
125

Total interest expense
$
1,559

 
$
2,467

As of April 26, 2020, there were no amounts outstanding under the letters of credit, swing line loans and alternative currency sub-facilities.