Dick's Sporting Goods 2004 Annual Report Download - page 54

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notes to consolidated financial statements continued
52
At January 29, 2005 and January 31, 2004, the prime rate was 5.25% and 4.00%, respectively, and LIBOR was 2.59% and 1.10%,
respectively. The borrowings outstanding at January 29, 2005 were $76.1 million. There were no borrowings at January 31, 2004.
The Credit Agreement contains restrictive covenants including the maintenance of a certain fixed charge coverage ratio and prohibits
payment of any dividends.
The Credit Agreement provides for letters of credit not to exceed the lesser of (a) $75 million, (b) $350 million less the outstanding loan
balance and (c) the borrowing base minus the outstanding loan balance. As of January 29, 2005 and January 31, 2004, the Company had
outstanding letters of credit totaling $17.1 million and $12.9 million, respectively.
The following table provides information about the Credit Agreement borrowings as of and for the periods:
2004 2003
(Dollars in thousands)
Balance, fiscal period end $ 76,094 $–
Average interest rate 3.30% 2.63%
Maximum outstanding during the year $ 290,755 $ 71,395
Average outstanding during the year $ 94,682 $ 33,027
Other Debt Other debt, exclusive of capital lease obligations, consists of the following as of the end of the fiscal periods:
2004 2003
(Dollars in thousands)
Third-party:
Note payable, due in monthly installments of approximately
$3, including interest at 4%, through 2020 $ 793 $ 834
Related party:
Note payable to a former principal stockholder, due in monthly
installments of approximately $14, including interest at 12%,
through May 1, 2006 190 325
Total debt 983 1,159
Less current portion of:
Third-party (41) (41)
Related party (149) (134)
Total long-term debt $ 793 $ 984
Certain of the agreements pertaining to long-term debt contain financial and other restrictive covenants, none of which are more
restrictive than those of the Credit Agreement as discussed herein.
Scheduled principal payments on other long-term debt as of January 29, 2005 are as follows:
Fiscal Year
(In thousands)
2005 $ 190
2006 84
2007 46
2008 48
2009 49
Thereafter 566
$ 983