Dollar General 2015 Annual Report Download - page 134

10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
5. Current and long-term obligations
Current and long-term obligations consist of the following:
January 29, January 30,
(In thousands) 2016 2015
Senior unsecured credit facilities
Term Facility ................................ $ 425,000 $ 925,000
Revolving Facility ............................. 251,000 —
4.125% Senior Notes due July 15, 2017 ............... 500,000 500,000
1.875% Senior Notes due April 15, 2018 (net of discount of
$203 and $294) ............................... 399,797 399,706
3.250% Senior Notes due April 15, 2023 (net of discount of
$1,775 and $1,991) ............................ 898,225 898,009
4.150% Senior Notes due November 1, 2025 (net of
discount of $764) ............................. 499,236 —
Capital lease obligations .......................... 4,806 5,875
Tax increment financing due February 1, 2035 .......... 10,590 11,995
Debt issuance costs, net .......................... (18,100) (15,462)
2,970,554 2,725,123
Less: current portion ............................ (1,379) (101,158)
Long-term portion .............................. $2,969,175 $2,623,965
Borrowing Facilities and 2015 Refinancing
On October 20, 2015, the Company consummated a refinancing, pursuant to which the Company
amended and restated its senior unsecured credit facilities (and refinanced all borrowings thereunder)
and issued senior notes in an aggregate principal amount of $500.0 million, net of discount totaling
$0.8 million. The amended and restated senior unsecured credit facilities (the ‘‘Facilities’’) consist of a
$425.0 million senior unsecured term loan facility (the ‘‘Term Facility’’) and a $1.0 billion senior
unsecured revolving credit facility (the ‘‘Revolving Facility’’) which provides for the issuance of letters
of credit up to $175.0 million. The Facilities are scheduled to mature on October 20, 2020. The
Company incurred $2.6 million of new debt issuance costs associated with the refinancing of the
Facilities.
Borrowings under the Facilities bear interest at a rate equal to an applicable interest rate margin
plus, at the Company’s option, either (a) LIBOR or (b) a base rate (which is usually equal to the prime
rate). The applicable interest rate margin for borrowings as of January 29, 2016 was 1.10% for LIBOR
borrowings and 0.10% for base-rate borrowings. The Company must also pay a facility fee, payable on
any used and unused commitment amounts of the Facilities, and customary fees on letters of credit
issued under the Revolving Facility. As of January 29, 2016, the commitment fee rate was 0.15%. The
applicable interest rate margins for borrowings, the facility fees and the letter of credit fees under the
Facilities are subject to adjustment from time to time based on the Company’s long-term senior
unsecured debt ratings. The weighted average all-in interest rate for borrowings under the Facilities was
1.65% as of January 29, 2016.
The Facilities can be voluntarily prepaid in whole or in part at any time without penalty. There is
no required principal amortization under the Facilities. The Facilities contain a number of customary
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