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Revolving Notes | 12 Months Ended
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Aug. 31, 2022
Debt Disclosure [Abstract] |
Revolving Notes | Note 9 — Revolving Notes Senior secured credit facilities, consisting of four components, aggregated to $1.14 billion as of August 31, 2022. As of August 31, 2022, a $600.0 million revolving line of credit, maturing August 2026, secured by substantially all the Company’s U.S. assets not otherwise pledged as security for term loans, the warehouse credit facility or the railcar asset-backed securities, existed to provide working capital and interim financing of equipment, principally for the Company’s U.S. and Mexican operations. Advances under this North American credit facility bear interest at SOFR plus 1.50% plus 0.10% as a SOFR adjustment or Prime plus 0.50% depending on the type of borrowing. Available borrowings under the credit facility are generally based on defined levels of eligible inventory, receivables, property, plant and equipment and leased equipment, as well as total debt to consolidated capitalization and fixed charges coverage ratios. As of August 31, 2022, a $350.0 million non-recourse warehouse credit facility existed to support the operations of GBX Leasing, a joint venture in which the Company owns approximately 95%. Advances under this facility bear interest at SOFR plus 1.85% plus 0.11% as a SOFR adjustment. The warehouse credit facility converts to a term loan in August 2025 which matures in August 2027. As of August 31, 2022, lines of credit totaling $67.2 million secured by certain of the Company’s European assets, with variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.2% to WIBOR plus 1.6% and Euro Interbank Offered Rate (EURIBOR) plus 1.5%, were available for working capital needs of the Company’s European manufacturing operations. The European lines of credit include $40.8 million which are guaranteed by the Company. European credit facilities are regularly renewed. Currently, these European credit facilities have maturities that range from February 2023 through October 2023. As of August 31, 2022, the Company’s Mexican railcar manufacturing operations had four lines of credit totaling $120.0 million. The first line of credit provides up to $30.0 million, of which the Company and its joint venture partner have each guaranteed 50%. Advances under this facility bear interest at LIBOR plus 3.75% to 4.25%. The Mexican railcar manufacturing joint venture will be able to draw amounts available under this facility through June 2024. The second line of credit provides up to $35.0 million, of which the Company and its joint venture partner have each guaranteed 50%. Advances under this facility bear interest at LIBOR plus 3.75%. The Mexican railcar manufacturing joint venture will be able to draw amounts available under this facility through June 2023. The third line of credit provides up to $50.0 million and matures in October 2024. Advances under this facility bear interest at LIBOR plus 4.25%. The fourth line of credit provided up to $5.0 million and matured September 2022. The interest rate under this facility was LIBOR plus 2.95%.
|  | As of August 31, |
(In millions) |  | 2022 |  |  | 2021 |
Credit facility balances: |  |  |  |  |  |
North America |  | $ | 160.0 |  |  | $ | 160.0 |
GBX Leasing |  |  | — |  |  |  | 147.0 |
Europe |  |  | 51.6 |  |  |  | 50.2 |
Mexico |  |  | 85.0 |  |  |  | 15.0 |
Total Revolving notes |  | $ | 296.6 |  |  | $ | 372.2 |
In addition, outstanding commitments under the North American credit facility included letters of credit which totaled $6.9 million and $8.4 million as of August 31, 2022 and 2021, respectively. As of August 31, 2022, the Company had an aggregate of $147.9 million available to draw down under committed credit facilities.

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