Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT

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LONG-TERM DEBT
 12 Months Ended
Jan. 28, 2012
Notes to Financial Statements [Abstract]  
LONG-TERM DEBT [Text Block]
NOTE 5 - LONG-TERM DEBT

Long-term debt at January 28, 2012 and January 29, 2011 consists of the following:
 
   
January 28,
    
January 29,
  
(in millions)
  
2012
    
2011
  
             
$550.0 million Unsecured Credit Agreement,
            
   interest payable monthly at LIBOR,
            
   plus 0.50%, which was 0.77% at
            
   January 28, 2012, principal payable upon
            
   expiration of the facility in February 2013
   $ 250.0     $ 250.0  
                 
Demand Revenue Bonds, interest payable monthly
                
   at a variable rate which was 0.27% at
                
   January 28, 2012, principal payable on
                
   demand, maturing June 2018
     15.5       16.5  
                 
Total long-term debt
   $ 265.5     $ 266.5  
                 
Less current portion
     15.5       16.5  
                 
Long-term debt, excluding current portion
   $ 250.0     $ 250.0  

Maturities of long-term debt are as follows: 2012 - $15.5 million and 2013 - $250.0 million.

Unsecured Credit Agreement
In 2008, the Company entered into the Agreement which provides for a $300.0 million revolving line of credit, including up to $150.0 million in available letters of credit, and a $250.0 million term loan.  The interest rate on the facility is based, at the Company’s option, on a LIBOR rate, plus a margin, or an alternate base rate, plus a margin.  The revolving line of credit also bears a facilities fee, calculated as a percentage, as defined, of the amount available under the line of credit, payable quarterly.  The term loan is due and payable in full at the five year maturity date of the Agreement.  The Agreement also bears an administrative fee payable annually.  The Agreement, among other things, requires the maintenance of certain specified financial ratios, restricts the payment of certain distributions and prohibits the incurrence of certain new indebtedness.  As of January 28, 2012, the Company had the $250.0 million term loan outstanding under the Agreement and no amounts outstanding under the $300.0 million revolving line of credit.

Demand Revenue Bonds
In 1998, the Company entered into an unsecured Loan Agreement with the Mississippi Business Finance Corporation (MBFC) under which the MBFC issued Taxable Variable Rate Demand Revenue Bonds (the Bonds) in an aggregate principal amount of $19.0 million to finance the acquisition, construction, and installation of land, buildings, machinery and equipment for the Company's distribution facility in Olive Branch, Mississippi.  The Bonds do not contain a prepayment penalty as long as the interest rate remains variable.  The Bonds contain a demand provision and, therefore, are classified as current liabilities.