v3.25.1
Debt (Tables)
 3 Months Ended
Apr. 26, 2025
Debt Disclosure [Abstract]  
Outstanding Indebtedness
The following table summarizes the net carrying value of our outstanding indebtedness (dollars in thousands):
April 26, 2025January 25, 2025
Credit Agreement - Revolving facility (matures January 2029)$89,000 $— 
Credit Agreement - Term loan facility (matures January 2029)$447,308 $447,115 
4.50% senior notes, net (mature April 2029)
496,327 496,097 
1,032,635 943,212 
Less: current portion(15,000)(10,000)
Long-term debt$1,017,635 $933,212 
Carrying Value and Fair Value of Notes
The following table summarizes the net carrying value of the term loan as of April 26, 2025 and January 25, 2025 (dollars in thousands):
April 26, 2025January 25, 2025
Principal amount of term loan$450,000 $450,000 
Less: Debt issuance costs(2,692)(2,885)
Net carrying amount of term loan$447,308 $447,115 
The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $94.06 and $94.65 as of April 26, 2025 and January 25, 2025, respectively (dollars in thousands):

April 26, 2025January 25, 2025
Fair value of principal amount of 2029 Notes$470,300 $473,250 
Less: Debt issuance costs(3,673)(3,903)
Fair value of 2029 Notes$466,627 $469,347 
Schedule Interest Rates for the Credit Agreement
Under our Credit Agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing four-quarter consolidated EBITDA, as defined by our Credit Agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our consolidated net leverage ratio.

Borrowings - Term SOFR Loans
1.375% - 2.00% plus Term SOFR
Borrowings - Base Rate Loans
0.375% - 1.00% plus Base rate(1)
Unused Revolver Commitment
0.20% - 0.40%
Standby Letters of Credit
1.375% - 2.00%
Commercial Letters of Credit
0.6875% -1.00%

(1) Base rate is described in the Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the administrative agent’s prime rate, and (iii) the Term Secured Overnight Financing Rate (“SOFR”) plus 1.00% and, if such rate is less than zero, such rate shall be deemed zero. “Term SOFR” will be the published forward-looking SOFR rate for the applicable interest period plus a 0.10% spread adjustment and if such rate is less than zero, such rate shall be deemed zero.
The weighted average interest rates and fees for balances under our Credit Agreement as of April 26, 2025 and January 25, 2025 were as follows:
Weighted Average Rate End of Period
April 26, 2025January 25, 2025
Borrowings - Term loan facility6.04%6.02%
Borrowings - Revolving facility(1)
6.36%—%
Standby Letters of Credit1.50%1.63%
Unused Revolver Commitment0.25%0.30%

(1) There were no outstanding borrowings under our revolving facility as of January 25, 2025.
Schedule of Long-term Debt Instruments
The following table summarizes the net carrying value of the 2029 Notes as of April 26, 2025 and January 25, 2025 (dollars in thousands):
April 26, 2025January 25, 2025
Principal amount of 2029 Notes $500,000 $500,000 
Less: Debt issuance costs(3,673)(3,903)
Net carrying amount of 2029 Notes$496,327 $496,097