Express 2011 Annual Report Download - page 52

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Credit Facilities
The following provides an overview of the current status of our long term debt arrangements. Refer to Note 9 of
our Consolidated Financial Statements for additional information related to the Company’s long-term debt
arrangements.
Opco Revolving Credit Facility
On July 29, 2011, Express Holding and its domestic subsidiaries entered into an amended and restated $200.0
million secured asset-based loan credit agreement. The Opco 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 Opco 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.
In connection with amending and restating the existing $200.0 million asset-based revolving credit facility, we
recognized a $0.3 million loss on extinguishment of debt attributed to the write-off of unamortized debt issuance
costs during the second quarter of 2011, which was recorded as interest expense in the unaudited Consolidated
Statements of Income and Comprehensive Income and represents a non-cash adjustment to reconcile net income
to net cash provided by operating activities within the unaudited Consolidated Statements of Cash Flows.
As of January 28, 2012, there were no borrowings outstanding, and we had $193.6 million of excess availability
under the Opco Revolving Credit Facility. We were not subject to the fixed charge coverage ratio covenant in the
Opco Revolving Credit Facility at January 28, 2012 because excess availability plus eligible cash collateral
exceeded 10% of the borrowing base.
Opco Term Loan
In December 2011, we prepaid the $119.7 million outstanding principal balance under our Opco Term Loan. As
a result of the prepayment, we incurred charges to write-off unamortized debt issuance costs totaling
approximately $2.4 million.
Senior Notes
On March 5, 2010, Express, LLC and Express Finance, 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. An affiliate of Golden Gate purchased
$50.0 million of Senior Notes in the offering. 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 28, 2012 were $7.0 million.
In the first quarter of 2011, $25.0 million of Senior Notes were repurchased on the open market at a price of
108.75% of the principal amount. In the second quarter of 2011, $24.2 million of Senior Notes were repurchased
on the open market at an average price of 109.21% of the principal amount. Following these repurchases, the
Golden Gate affiliate held $10.0 million in face value of Senior Notes as of January 28, 2012.
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