v3.3.1.900

BORROWINGS: | 12 Months Ended
--- | ---
Nov. 30, 2015
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS: Borrowings consist of the following:
| As of November 30
| 2015 |  | 2014
SYNNEX U.S. securitization (see Note 10 - Accounts Receivable Arrangements) | $ | — |  |  | $ | 578,000 |
SYNNEX U.S. credit agreement | 617,188 |  |  | 279,375 |
SYNNEX Canada term loan and revolver | 14,449 |  |  | 36,956 |
SYNNEX Infotec credit facility | 96,662 |  |  | 53,954 |
Other borrowings and capital leases | 2,592 |  |  | 32,218 |
Total borrowings | 730,891 |  |  | 980,503 |
Less: Current portion | (92,093 | ) |  | (716,257 | )
Non-current portion | $ | 638,798 |  |  | $ | 264,246 |
SYNNEX U.S. credit agreement In November 2013, the Company entered into a senior secured credit agreement (the “U.S. Credit Agreement”) which was comprised of a $275,000 revolving credit facility and a $225,000 term loan. In May 2015, the U.S. Credit Agreement was amended to increase the term loan to $625,000. The Company may request incremental commitments to increase the principal amount of revolving loans or term loans available under the U.S. Credit Agreement up to $350,000. The U.S. Credit Agreement matures in May 2020. Interest on borrowings under the U.S. Credit Agreement can be based on LIBOR or a base rate at the Company's option. Loans borrowed under the U.S. Credit Agreement bear interest, in the case of LIBOR loans, at a per annum rate equal to the applicable LIBOR, plus a margin which may range from 1.50% to 2.25%, based on the Company's consolidated leverage ratios, as determined in accordance with the U.S. Credit Agreement. Loans borrowed under the U.S. Credit Agreement that are not LIBOR loans, and are instead base rate loans, bear interest at a per annum rate equal to (i) the greatest of (A) the Federal Funds Rate plus a margin of 1/2 of 1.0%, (B) LIBOR plus 1.0% per annum, and (C) the rate of interest announced, from time to time, by the agent, Bank of America, N.A, as its “prime rate,” plus (ii) a margin which may range from 0.50% to 1.25%, based on the Company's consolidated leverage ratios as determined in accordance with the U.S. Credit Agreement. The unused revolving credit facility is subject to a commitment fee ranging from 0.20% to 0.35% per annum, based on the Company's consolidated leverage ratios. The outstanding principal amount of the term loan is repayable in quarterly installments, in an amount equal to (a) for each of the first eight full calendar quarters ending after the U.S. Credit Agreement amendment entered in May 2015, 1.25% of the amended principal amount of the term loan, (b) for each of the next four calendar quarters ending thereafter, 1.875% of the amended principal amount of the term loan, (c) for each calendar quarter ending thereafter, 2.50% of the amended principal amount of the term loan and (d) on the May 2020 maturity date of the term loan, the outstanding principal amount of the term loan. The Company’s obligations under the U.S. Credit Agreement are secured by substantially all of the parent company’s and its United States domestic subsidiaries’ assets and are guaranteed by certain of its United States domestic subsidiaries. As of November 30, 2015 and November 30, 2014, balances outstanding under the term loan component of the U.S. Credit Agreement were $617,188 and $219,375, respectively. There were no borrowings outstanding under the revolving credit facility as of November 30, 2015, and there was $60,000 outstanding as of November 30, 2014. In addition, there was $1,500 outstanding as of both November 30, 2015 and 2014, in standby letters of credit under the U.S. Credit Agreement. SYNNEX Canada revolving line of credit SYNNEX Canada Limited ("SYNNEX Canada") has a revolving line of credit arrangement with a group of financial institutions (the “Canadian Revolving Arrangement”) which has a maximum commitment of CAD100,000 or $74,833, and includes an accordion feature to increase the maximum commitment by an additional CAD25,000, or $18,708, to CAD125,000, or $93,541, at SYNNEX Canada's request. The Canadian Revolving Arrangement also provides a sublimit of $5,000 for the issuance of standby letters of credit. As of both November 30, 2015 and 2014, there were no letters of credit outstanding. SYNNEX Canada has granted a security interest in substantially all of its assets in favor of the lender under the Canadian Revolving Arrangement. In addition, the Company pledged its stock in SYNNEX Canada as collateral for the Canadian Revolving Arrangement. The interest rate applicable under the Canadian Revolving Arrangement is equal to (i) the Canadian base rate plus a margin of 0.75% for a Base Rate Loan in Canadian Dollars, (ii) the US base rate plus a margin of 0.75% for a Base Rate Loan in U.S. Dollars, and (iii) the Bankers' Acceptance rate (“BA”) plus a margin of 2.00% for a BA Rate Loan. The Canadian base rate means the greater of (a) the prime rate determined by a major Canadian financial institution and (b) the one month Canadian Dealer Offered Rate (“CDOR”) (the average rate applicable to Canadian Dollar bankers' acceptances for the applicable period) plus 1.50%. The US base rate means the greater of (a) a reference rate determined by a major Canadian financial institution for US dollar loans made to Canadian borrowers and (b) the US federal funds rate plus 0.50%. A fee of 0.25% per annum is payable with respect to the unused portion of the commitment. The credit arrangement expires in May 2017. As of November 30, 2015 and 2014, borrowings outstanding under the Canadian Revolving Arrangement were $9,728 and $30,726, respectively. SYNNEX Canada term loan SYNNEX Canada has a term loan associated with the purchase of its logistics facility in Guelph, Canada. The interest rate for the unpaid principal amount is a fixed rate of 5.374% per annum. The final maturity date for repayment of the unpaid principal is April 1, 2017. As of November 30, 2015 and 2014, the balances outstanding on the term loan were $4,721 and $6,230, respectively. SYNNEX Infotec credit facility In November 2015, SYNNEX Infotec entered into a credit agreement with a group of financial institutions for a maximum commitment of JPY14,000,000, or $113,719, to replace its existing credit facility with another syndicated credit facility. The new credit agreement is comprised of a JPY6,000,000, or $48,737, term loan and a JPY8,000,000, or $64,983, short-term revolving credit facility. The interest rate for the term loan and revolving credit facility is based on the Tokyo Interbank Offered Rate (“TIBOR”) plus a margin of 0.70% per annum. The unused line fee on the revolving credit facility is 0.10% per annum. This credit facility expires in November 2018. As of November 30, 2015 and November 30, 2014, the balances outstanding under the related credit facilities were $96,662 and $53,954, respectively. The term loan can be repaid at any time prior to expiration date without penalty. The Company has guaranteed the obligations of SYNNEX Infotec under this facility. India credit facilities In 2015, the Company's Indian subsidiaries entered into credit agreements with a financial institution to borrow up to an aggregate amount of $14,000 for working capital purposes. The interest rate for the credit facility is based on LIBOR plus a margin of 0.90% per annum. The credit facilities expire in June 2016 and will extend upon the financial institution's review and approval. The Company guarantees up to 100% of the outstanding principal amount to the lenders. As of November 30, 2015, there were no outstanding borrowings under these credit facilities. Other borrowings and capital leases In September 2013, SYNNEX Infotec established a short-term revolving credit facility of JPY2,000,000, or $16,246, with a financial institution. The interest rate for the credit facility is based on TIBOR plus a margin of 0.50% per annum. In addition, there is a facility fee of 0.425% per annum. The credit facility can be renewed annually. As of November 30, 2015, there were no outstanding balances under this credit facility, and there was $16,861 outstanding as of November 30, 2014. SYNNEX Infotec has a short-term revolving credit facility of JPY1,000,000, or $8,123, with a financial institution. The credit facility can be renewed annually and bears an interest rate that is based on TIBOR plus a margin of 1.20% per annum. As of November 30, 2015, there were no balances outstanding under this credit facility and there was $8,430 outstanding as of November 30, 2014. As of November 30, 2015 and 2014, the Company also had $2,592 and $6,927, respectively, in obligations for the sale and financing of approved accounts receivable and notes receivable with recourse provisions to SYNNEX Infotec and outstanding capital lease obligations. The maximum commitment amounts for local currency credit facilities in Canada and Japan have been translated into United States Dollars at November 30, 2015 exchange rates. Future principal payments Future principal payments under the above loans and capital leases as of November 30, 2015 are as follows:
Fiscal Years Ending November 30, |
2016 | $ | 92,093 |
2017 | 35,836 |
2018 | 100,235 |
2019 | 63,255 |
2020 | 438,287 |
Thereafter | 1,185 |
| $ | 730,891 |
Interest expense and finance charges For fiscal years 2015, 2014 and 2013, the total interest expense and finance charges for the Company's borrowings were $27,935, $28,022 and $20,436, respectively. In fiscal year 2013, the total interest expense and finance charges included non-cash interest expense of $2,314 for the convertible debt which was settled in August 2013. The variable interest rates ranged between 0.57% and 4.50%, between 0.50% and 4.25% and between 0.63% and 4.08% in fiscal years 2015, 2014 and 2013, respectively. Covenant compliance The Company's borrowing arrangements have a number of covenants and restrictions that, among other things, require the Company to comply with certain financial and other covenants. These covenants require the Company to maintain specified financial ratios and satisfy certain financial condition tests, including minimum net worth and fixed charge coverage ratios. The covenants also limit the Company’s ability to incur additional debt, make or forgive intercompany loans, pay dividends and make other types of distributions, make certain acquisitions, repurchase the Company’s stock, create liens, cancel debt owed to the Company, enter into agreements with affiliates, modify the nature of the Company’s business, enter into sale-leaseback transactions, make certain investments, enter into new real estate leases, transfer and sell assets, cancel or terminate any material contracts and merge or consolidate.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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