Revolving Credit Facilities and Debt |
3 Months Ended |
|---|---|
May 02, 2026 | |
| Debt Disclosure [Abstract] | |
| Revolving Credit Facilities and Debt | 6. Revolving Credit Facilities and Debt
As of May 2, 2026, we maintain a secured credit agreement with PNC Bank, National Association (the “bank”) which is scheduled to mature on December 23, 2027. The Credit Agreement provides for a revolving credit facility of up to $25 million (the “credit facility”) and is available for general corporate purpose. This credit facility also provides for the issuances of standby letters of credit in an amount not to exceed $17.5 million, commercial letters of credit in an amount not to exceed $10 million and borrowings in foreign currency with a borrowing sublimit not to exceed $15 million in equivalent U.S. dollars. The amount of borrowing available at any time under the credit facility is reduced by the amount of standby and commercial letters of credit outstanding at that time.
The credit facility is secured by cash and marketable securities that are in an account held and monitored by the bank. The value of this collateral must always be greater than or equal to the new credit facility commitment amount of $25 million. Amounts borrowed under the credit facility bear interest at the rate of SOFR plus 1.00% per annum. The Credit Agreement does not provide for any financial covenants but does include standard and customary covenants consistent with credit facilities of this nature. The credit facility does not carry any ongoing or unused balance fees.
There were no borrowings or open commercial letters of credit outstanding under the secured credit facility at May 2, 2026 or January 31, 2026. We had $3.2 million in issued, but undrawn, standby letters of credit backed by restricted cash deposits and marketable securities at the bank as of May 2, 2026 and January 31, 2026. |