Express 2014 Annual Report Download - page 38

On May 28, 2014, our Board authorized the repurchase of up to an additional $100 million of our common stock.
The 2014 Repurchase Program will be funded using available cash. No repurchases were made under the 2014
Repurchase Program in 2014. Refer to Note 9 of our unaudited Consolidated Financial Statements for additional
information related to our repurchase programs.
Credit Facilities
The following provides an overview of the current status of our long term debt arrangements. Refer to Note 8 of
our Consolidated Financial Statements for additional information related to our long-term debt arrangements.
Revolving Credit Facility
On July 29, 2011, Express Holding, LLC and its domestic subsidiaries entered into an amended and restated
$200.0 million secured asset-based loan credit agreement. The Revolving Credit Facility amended, restated, and
extended the existing $200.0 million asset-based revolving credit facility, which was scheduled to expire on July 6,
2012. The amended Revolving Credit Facility is scheduled to expire on July 29, 2016 and allows for up to $30.0
million of swing line advances and up to $45.0 million to be available in the form of letters of credit.
As of January 31, 2015, there were no borrowings outstanding under the Revolving Credit Facility, and we had $197.5
million of availability. We were not subject to the fixed charge coverage ratio covenant in the Revolving Credit Facility
at January 31, 2015 because excess availability plus eligible cash collateral exceeded 10% of the borrowing base.
Senior Notes
On March 5, 2010, Express, LLC and Express Finance Corp., as co-issuers, issued $250.0 million of 8 3/4%
Senior Notes due 2018 at an offering price of 98.6% of the face value. Interest on the Senior Notes is payable on
March 1 and September 1 of each year. Unamortized debt issuance costs outstanding related to the Senior Notes as
of January 31, 2015 were $4.0 million.
In the first quarter of 2015, on March 1, 2015, the remaining outstanding Senior Notes in the amount of $200.9
million were redeemed at 102.19% of the principal amount, plus accrued and unpaid interest to, but not including,
the redemption date. In conjunction with this redemption, the Company expects to incur a loss on extinguishment
of approximately $9.7 million in the first quarter of 2015.
Contractual Obligations
We enter into long-term contractual obligations and commitments in the normal course of business, primarily debt
obligations and non-cancelable operating leases. As of January 31, 2015, our contractual cash obligations over the
next several periods are set forth in the following table.
Payments Due by Period
Total <1 Year 2-3 Years 4-5 Years Thereafter
(in thousands)
Contractual Obligations:
Existing Debt Facilities (1) ...................... $ 200,850 $ — $ — $200,850 $ —
Interest Costs (2) .............................. 61,510 17,574 35,149 8,787 —
Other Long-Term Obligations (3) ................. 37,104 13,379 21,231 2,494 —
Operating Leases (4) ........................... 1,407,933 222,562 338,127 280,959 566,285
Purchase Obligations (5) ........................ 313,336 313,336 — — —
Total ....................................... $2,020,733 $566,851 $394,507 $493,090 $566,285
(1) As of January 31, 2015, we had the following amounts outstanding under our existing debt arrangements: no
amounts outstanding under the Revolving Credit Facility and $200.9 million in Senior Notes outstanding. The
Revolving Credit Facility matures on July 29, 2016. The balance of the Senior Notes that were due in March
2018 were redeemed in the first quarter of 2015 on March 1, 2015. Refer to Note 8 of our Consolidated
Financial Statements for additional information related to our existing debt arrangements.
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