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Revolving Notes | 12 Months Ended
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Aug. 31, 2024
Debt Disclosure [Abstract] |
Revolving Notes | Note 9 — Revolving Notes Senior secured credit facilities, consisting of four components, aggregated to $1.4 billion as of August 31, 2024. The Company had an aggregate of $345.9 million available to draw down under credit facilities as of August 31, 2024. This amount consists of $258.3 million available on the North American credit facility, $31.6 million on the European credit facilities and $56.0 million on the Mexican credit facilities. Nonrecourse credit facilities: GBX Leasing – As of August 31, 2024, a $550.0 million nonrecourse warehouse credit facility existed to support the operations of GBX Leasing. Advances under the warehouse credit facility are secured by a pool of leased railcars and bear interest at SOFR plus 1.85% plus 0.11% as a SOFR adjustment. As of August 31, 2024, interest rate swap agreements cover 74% of the outstanding balance to swap the floating interest rate to a fixed rate. The warehouse credit facility was amended in September 2024 to reduce the size of the credit facility by $100.0 million to $450.0 million and to extend the maturity date from August 2027 to September 2029. The warehouse credit facility currently converts to a term loan in September 2027. Other credit facilities: North America – As of August 31, 2024, a $600.0 million revolving line of credit existed to provide working capital and interim financing of equipment, principally for the Company’s U.S. and Mexican operations. The North America credit facility is 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. Available borrowings 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. Advances 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. The North America credit facility matures in August 2026. Europe – As of August 31, 2024, lines of credit totaling $78.2 million secured by certain of the Company’s European assets, were available for working capital needs of the Company’s European manufacturing operations. The European lines of credit include $33.1 million which are guaranteed by the Company. The European credit facilities have variable rates that range from WIBOR plus 1.10% to WIBOR plus 1.45% and EURIBOR plus 1.90%. European credit facilities are regularly renewed and currently have maturities that range from October 2024 through September 2026. Mexico – As of August 31, 2024, the Company’s Mexican railcar manufacturing operations had lines of credit totaling $166.0 million for working capital needs, $66.0 million of which the Company and its joint venture partner have each guaranteed 50%. Advances under these facilities bear interest at variable rates that range from SOFR plus 2.22% to SOFR plus 4.25%. The Mexican credit facilities have maturities that range from February 2025 through January 2027. Revolving notes consisted of the following balances:
|  | As of August 31, |
(In millions) |  | 2024 |  |  | 2023 |
Nonrecourse credit facility balances: |  |  |  |  |  |
GBX Leasing |  | $ | 194.9 |  |  | $ | 139.9 |
Other credit facility balances: |  |  |  |  |  |
North America |  |  | — |  |  |  | — |
Europe |  |  | 46.7 |  |  |  | 47.2 |
Mexico |  |  | 110.0 |  |  |  | 110.0 |
Total Revolving notes |  | $ | 351.6 |  |  | $ | 297.1 |
As of August 31, 2024, repayments of Revolving notes are expected to be $154.4 million, $2.3 million, and $194.9 million for the years ending August 31, 2025, 2026, and 2027, respectively. In addition, outstanding commitments under the North American credit facility included letters of credit which totaled $5.9 million and $4.9 million as of August 31, 2024 and 2023, respectively.

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