XML 40 R15.htm IDEA: XBRL DOCUMENT v3.25.2
CREDIT ARRANGEMENTS
 9 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
Credit arrangements
NOTE 7. CREDIT ARRANGEMENTS

Long-term debt was as follows: 
(in thousands)Weighted Average Interest Rate as of May 31, 2025May 31, 2025August 31, 2024
2030 Notes4.125%$300,000 $300,000 
2031 Notes3.875%300,000 300,000 
2032 Notes4.375%300,000 300,000 
Series 2022 Bonds, due 20474.000%145,060 145,060 
Series 2025 Bonds, due 2032(1)
4.625%150,000 — 
Other5.100%10,108 11,910 
Finance leases5.207%149,330 141,271 
Total debt1,354,498 1,198,241 
Less unamortized debt issuance costs(14,578)(13,073)
Plus unamortized bond premium4,309 4,453 
Total amounts outstanding1,344,229 1,189,621 
Less current maturities of long-term debt(41,394)(38,786)
Long-term debt$1,302,835 $1,150,835 
__________________________________
(1) The Series 2025 Bonds (as defined below) accrue interest at a fixed rate of 4.625%, payable semiannually, for an initial period ending with a mandatory tender for purchase on May 15, 2032, at a purchase price equal to 100% of the principal amount. The Bonds mature in 2055.

The Company's credit arrangements require compliance with certain covenants, including interest coverage and debt to capitalization ratios, and as of May 31, 2025, the Company was in compliance with all financial covenants.

Capitalized interest was $3.0 million and $7.5 million during the three and nine months ended May 31, 2025, respectively, compared to $1.3 million and $3.7 million, respectively, during the corresponding periods.

Series 2025 Bonds

In May 2025, the Company announced the issuance of $150.0 million in original aggregate principal amount of tax-exempt bonds (the “Series 2025 Bonds”) by the WVEDA. The Series 2025 Bonds were issued at par. The Company received all net proceeds related to the issuance during the three months ended May 31, 2025. The proceeds of the Series 2025 Bonds were loaned to the Company pursuant to a loan agreement with the WVEDA, and will be used to finance a portion of the construction costs for solid waste disposal facilities located in Berkeley County, West Virginia. The Company will make semiannual interest payments on the outstanding principal of the Series 2025 Bonds on April 15 and October 15 of each year, with the first such interest payment due on October 15, 2025. Issuance costs of $2.8 million were recorded as a reduction of long-term debt in the condensed consolidated balance sheet as of May 31, 2025.

Credit Facilities

On October 30, 2024, the Company entered into the First Amendment to the Sixth Amended and Restated Credit Agreement (as amended, the "Credit Agreement"), which, among other things, extended the maturity date of the Credit Agreement from October 26, 2027 to October 26, 2029. The Credit Agreement provides for a $600.0 million revolving credit facility (the "Revolver"). The Company had no amounts drawn under the Revolver at May 31, 2025 or August 31, 2024. The availability under the Revolver was reduced by outstanding standby letters of credit totaling $1.0 million and $0.9 million at May 31, 2025 and August 31, 2024, respectively.

CMC Poland Sp. z.o.o., a subsidiary of the Company, had credit facilities in Poland totaling PLN 600.0 million as of May 31, 2025 and August 31, 2024, equivalent to $160.2 million and $154.8 million, respectively. There were no amounts outstanding under these facilities as of May 31, 2025 or August 31, 2024. The available balance of these credit facilities was reduced by outstanding standby letters of credit, guarantees and/or other financial assurance instruments, totaling $2.6 million and $2.4 million as of May 31, 2025 and August 31, 2024, respectively.
Accounts Receivable Facility
The Poland accounts receivable facility had a limit of PLN 288.0 million as of May 31, 2025 and August 31, 2024, equivalent to $76.9 million and $74.3 million, respectively. The Company had no advance payments outstanding under the Poland accounts receivable facility as of May 31, 2025 or August 31, 2024.