Debt |
3 Months Ended |
|---|---|
May 04, 2019 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt A summary of the Company’s financing activities are as follows: Revolving Credit Facility On May 20, 2015, Express Holding, LLC, a wholly-owned subsidiary of the Company (“Express Holding”), and its subsidiaries entered into an Amended and Restated $250.0 million secured Asset-Based Credit Facility (“Revolving Credit Facility”). The expiration date of the facility was May 20, 2020. As of May 4, 2019, there were no borrowings outstanding and approximately $247.0 million was available for borrowing under the Revolving Credit Facility. The Revolving Credit Facility requires Express Holding and its subsidiaries to maintain a fixed charge coverage ratio of at least 1.0:1.0 if excess availability plus eligible cash collateral is less than 10% of the borrowing base for 15 consecutive days. In addition, the Revolving Credit Facility contains customary covenants and restrictions on Express Holding’s and its subsidiaries’ activities, including, but not limited to, limitations on the incurrence of additional indebtedness, liens, negative pledges, guarantees, investments, loans, asset sales, mergers, acquisitions, prepayment of other debt, distributions, dividends, the repurchase of capital stock, transactions with affiliates, the ability to change the nature of its business or fiscal year, and permitted business activities. All obligations under the Revolving Credit Facility are guaranteed by Express Holding and its domestic subsidiaries (that are not borrowers) and secured by a lien on, among other assets, substantially all working capital assets including cash, accounts receivable, and inventory of Express Holding and its domestic subsidiaries. On May 24, 2019, the Company amended and restated its Revolving Credit Facility. The borrowing capacity under the facility remains at $250 million but the expiration date of the facility has been extended to May 24, 2024. The amended and restated Revolving Credit Facility also provides that all obligations thereunder are secured by a lien on, among other assets, substantially all working capital assets including cash, accounts receivable, and inventory of Express Holding and its domestic subsidiaries. Letters of Credit The Company may enter into stand-by letters of credit (“stand-by LCs”) on an as-needed basis to secure payment obligations for merchandise purchases and other general and administrative expenses. As of May 4, 2019 and February 2, 2019, outstanding stand-by LCs totaled $3.0 million and $3.0 million, respectively. |