Subsequent Events |
3 Months Ended |
|---|---|
Apr. 30, 2018 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On May 23, 2018, the Company and certain of its subsidiaries amended the revolving credit facility by entering into a Fourth Amended and Restated Loan and Security Agreement with certain lenders. The amended revolving credit facility (a) provided for a reduction in the aggregate commitments from $750 million to $650 million; (b) extended the maturity date to May 23, 2022, (c) modified the method by which the applicable margin is calculated to be based on the total leverage ratio, with the applicable margin ranging from 2.50% to 3.25% for LIBOR loans and from 1.50% to 2.25% for base rate loans, (d) eliminated a $10 million availability block in calculating the borrowing base, (e) increased the maximum accounts receivable advance rate from 75% to 80%, (f) decreased the maximum unused line fee from 75 basis points to 50 basis points, (g) eliminated the cash recovery covenant, (h) modified the maximum inventory component of the borrowing base from $175 million to 33.33% of revolving loan commitments in effect, (i) modified the interest coverage covenant such that the minimum interest coverage on a trailing two quarter basis is 1.5x and the minimum interest coverage during any single quarter is 1.0x, (j) increased the maximum capital expenditures from $75 million to $100 million during any period of four consecutive fiscal quarters and (k) modified the ability of the Company to effect future securitizations of its customer receivables portfolio, including adding the ability of the Company to enter into revolving ABS transactions. |