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Revolving Notes | 9 Months Ended
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May 31, 2023
Debt Disclosure [Abstract] |
Revolving Notes | Note 7 – Revolving Notes Senior secured credit facilities aggregated to $1.1 billion as of May 31, 2023. The Company had an aggregate of $344.1 million available to draw down under committed credit facilities as of May 31, 2023. This amount consists of $281.4 million available on the North American credit facility, $32.7 million on the European credit facilities and $30.0 million on the Mexican credit facilities. North America – As of May 31, 2023, 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 SOFR plus 1.75% plus 0.10% as a SOFR adjustment or Prime plus 0.75% 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. GBX Leasing – As of May 31, 2023, a $350.0 million non-recourse warehouse credit facility existed to support the operations of GBX Leasing. 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 and matures in August 2027. Europe – As of May 31, 2023, lines of credit totaling $73.4 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 1.1% to EURIBOR plus 1.5%, were available for working capital needs of the Company’s European manufacturing operations. The European lines of credit in clude $35.3 million which is guaranteed by the Company. Euro pean credit facilities are regularly renewed. Currently, these European credit facilities have maturities that range from July 2023 through September 2024. Mexico – As of May 31, 2023, the Company’s Mexican railcar manufacturing operations had three lines of credit totaling $120.0 million for working capital needs. The first line of credit pro vides up to $50.0 million and matures in October 2024. Advances under this facility bear interest at LIBOR plus 4.25%. The second line of credit provides up to $40.0 million, of which the Company and its joint venture partner have each guaranteed 50%. Advances under this facility bear interest at SOFR plus 2.55%. The Mexican railcar manufacturing joint venture will be able to draw amounts available under this facility through February 2025. The third 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. Revolving notes consisted of the following balances:
(in millions) |  | May 31, 2023 |  |  | August 31, 2022 |
North America |  | $ | 30.0 |  |  | $ | 160.0 |
GBX Leasing |  |  | 119.3 |  |  |  | — |
Europe |  |  | 40.7 |  |  |  | 51.6 |
Mexico |  |  | 90.0 |  |  |  | 85.0 |
|  | $ | 280.0 |  |  | $ | 296.6 |
Outstanding commitments under the North American credit facility included letters of credit which totaled $4.9 million and $6.9 million as of May 31, 2023 and August 31, 2022, respectively.

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