v3.24.1
Long-Term Debt (Tables)
 12 Months Ended
Jan. 28, 2024
Debt Instruments [Abstract]  
Schedule of Long-term Debt
Long-term debt and the current period interest rates were as follows:
(in thousands)January 28, 2024January 29, 2023
Revolving loans$215,000 $150,000 
Term loans622,625 895,000 
1.625% convertible senior notes due 2027
319,500 319,500 
4.00% convertible senior notes due 2028
250,000 — 
Total debt1,407,125 1,364,500 
Current portion, net— (43,104)
Debt issuance costs(36,086)(24,430)
Total long-term debt, net of debt issuance costs$1,371,039 $1,296,966 
Weighted-average effective interest rate (1)
5.86 %4.84 %
(1) The revolving loans and Term Loans (as defined below) bear interest at variable rates based on Adjusted Term SOFR or a Base Rate (as defined in the Credit Agreement), at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. In the first quarter of fiscal year 2024, the Company entered into an interest rate swap agreement with a 2.75 year term to hedge the variability of interest payments on $150.0 million of debt outstanding on the Term Loans at a fixed Term SOFR rate of 3.58%, plus a variable margin and spread based on the Company’s consolidated leverage ratio. In the fourth quarter of fiscal year 2023, the Company entered into an interest rate swap agreement with a 5 year term to hedge the variability of interest payments on $450.0 million of debt outstanding on the Term Loans at a fixed Term SOFR rate of 3.44%, plus a variable margin and spread based on the Company’s consolidated leverage ratio. As of January 28, 2024, the effective interest rate was a weighted-average rate that represented (a) interest on the revolving loans at a floating SOFR rate of 5.34% plus a margin and spread of 3.86% (total floating rate of 9.20%), (b) interest on $450.0 million of the debt outstanding on the Term Loans at a fixed SOFR rate of 3.44% plus a margin and spread of 3.85% (total fixed rate of 7.29%), (c) interest on $150.0 million of the debt outstanding on the Terms Loans at a fixed SOFR rate of 3.58% plus a margin and spread of 3.85% (total fixed rate of 7.43%), (d) interest on the remaining debt outstanding on the Term Loans at a floating SOFR rate of 5.34% plus a margin and spread of 3.85% (total floating rate of 9.19%), (e) interest on the 2027 Notes outstanding at a fixed rate of 1.625%, and (f) interest on the 2028 Notes outstanding at a fixed rate of 4.00%. As of January 29, 2023, the effective interest rate was a weighted average-rate that represented (a) interest on the revolving loans at a fixed LIBOR rate of 0.73% plus a margin and spread of 2.36% (total fixed rate of 3.09%) (b) interest on $450.0 million of the debt outstanding on the Term Loans at a fixed SOFR rate of 3.44% plus a margin and spread of 2.35% (total fixed rate of 5.79%), (c) interest on the remaining debt outstanding on the Term Loans at a floating SOFR rate of 4.43% plus a margin and spread of 2.35% (total floating rate of 6.78%) and (d) interest on the 2027 Notes outstanding at a fixed rate of 1.625%
Interest Income and Interest Expense Disclosure
Interest expense was comprised of the following components for the periods presented:
 Fiscal Year Ended
(in thousands)January 28, 2024January 29, 2023January 30, 2022
Contractual interest$94,233 $11,187 $3,665 
Interest rate swap agreement(10,186)(2,217)945 
Amortization of deferred financing costs7,320 1,421 481 
Write-off of deferred financing costs4,446 — — 
Debt commitment fee (1)
— 7,255 — 
Total interest expense$95,813 $17,646 $5,091 
(1) One-time fee incurred in connection with the Commitment Letter disclosed above.