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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(Dollar
amounts in thousands except per share data)
7.DEBT
Revolving
Credit - The revolving credit agreements with four banks have maximum available borrowings of $100,000, have two year terms and can be extended annually. Interest terms on the
revolving credit agreements are negotiable, at the Company's option, for periods of one, three or six months. At
February 3, 2001, the Company had $100,000 outstanding under its revolving credit agreements. None of the outstanding
balance is currently payable.
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A summary
of the amounts outstanding, the current interest terms and the loan maturities under the revolving credit agreements at February 3, 2001 follows:
|
|
OUTSTANDING
|
INTEREST RATE
|
MATURITY
|
|
|
|
|
|
$ 18,000
|
6.105%
|
January 2003
|
|
|
14,000
|
6.181%
|
April 2002
|
|
|
10,000
|
6.355%
|
January 2003
|
|
|
8,000
|
6.335%
|
January 2003
|
|
|
18,000
|
7.355%
|
April 2002
|
|
|
14,000
|
7.370%
|
April 2002
|
|
|
6,000
|
7.604%
|
January 2003
|
|
|
12,000
|
7.585%
|
April 2002
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
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Notes
Payable to Banks - The Company also has available a $125,000 unsecured line-of-credit facility
with five banks. At February 3, 2001 and January 29, 2000, no amounts were
outstanding on this facility. The weighted average interest rate for the years ended February 3, 2001 and January 29, 2000 was
6.63% and 5.79%, respectively.
Letters
of Credit - The Company has two letter-of-credit banking agreements totaling $140,000, which it
uses primarily for the purchase of merchandise inventories. At February
3, 2001 and January 29, 2000, the Company held $96,431 and $74,303, respectively, in purchase commitments.
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