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Revolving Notes | 9 Months Ended
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May 31, 2022
Debt Disclosure [Abstract] |
Revolving Notes | Note 6 – Revolving Notes Senior secured credit facilities, consisting of four components, aggregated to $1.1 billion as of May 31, 2022. As of May 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 or the warehouse credit facility, 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 LIBOR plus 1.50% 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 May 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 LIBOR plus 2.0%. The warehouse credit facility converts to a term loan in April 2023 and matures in April 2025. As of May 31, 2022, lines of credit totaling $73.7 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 1.5% and Euro Interbank Offered Rate (EURIBOR) plus 1.1%, were available for working capital needs of the Company’s European manufacturing operations. The European lines of credit in clude $35.4 million which are guaranteed by the Company. European credit facilities are regularly renewed. Currently, these European credit facilities have maturities that range from July 2022 through October 2023. As of May 31, 2022, the Company’s Mexican railcar manufacturing operations had four lines of credit totaling $120.0 million for working capital needs. 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 3.70%. 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 provides up to $5.0 million and matures in September 2022. Advances under this facility bear interest at LIBOR plus 2.95%. Credit facility balances:
(in millions) |  | May 31, 2022 |  |  | August 31, 2021 |
North America |  | $ | 160.0 |  |  | $ | 160.0 |
Mexico |  |  | 85.0 |  |  |  | 15.0 |
Europe |  |  | 58.3 |  |  |  | 50.2 |
GBX Leasing |  |  | - |  |  |  | 147.0 |
Total Revolving notes |  | $ | 303.3 |  |  | $ | 372.2 |
Outstanding commitments under the North American credit facility included letters of credit which totaled $6.9 million and $8.4 million as of May 31, 2022 and August 31, 2021, respectively. As of May 31, 2022, the Company had an aggregate of $85.0 million available to draw down under committed credit facilities.

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