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Revolving Notes | 9 Months Ended
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May 31, 2024
Debt Disclosure [Abstract] |
Revolving Notes | Note 6 – Revolving Notes Senior secured credit facilities aggregated to $1.4 billion as of May 31, 2024. The Company had an aggregate of $333.7 million available to draw down under credit facilities as of May 31, 2024. This amount consists of $223.7 million available on the North American credit facility, $39.0 million on the European credit facilities and $71.0 million on the Mexican credit facilities. Nonrecourse credit facilities GBX Leasing – As of May 31, 2024, a $550.0 million nonrecourse warehouse credit facility existed to support the operations of GBX Leasing. Advances under this facility bear interest at the Secured Overnight Financing Rate (SOFR) plus 1.85% plus 0.11% as a SOFR adjustment. Interest rate swap agreements cover approximately 99% of the outstanding balance to swap the floating interest rate to a fixed rate. The warehouse credit facility converts to a term loan in August 2025 and matures in August 2027. Other credit facilities North America – As of May 31, 2024, 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 1.50% 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. Europe – As of May 31, 2024, lines of credit totaling $76.4 million secured by certain of the Company’s European assets, with variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.10% to WIBOR plus 1.45% and Euro Interbank Offered Rate (EURIBOR) plus 1.90%, were available for working capital needs of the Company’s European manufacturing operations. The European lines of credit include $32.5 million which is guaranteed by the Company. European credit facilities are regularly renewed. Currently, these European credit facilities have maturities that range from July 2024 through November 2025. Mexico – As of May 31, 2024, the Company’s Mexican railcar manufacturing operations had lines of credit totaling $196.0 million for working capital needs, $96.0 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:
(in millions) |  | May 31, 2024 |  |  | August 31, 2023 |
Nonrecourse credit facility balances |  |  |  |  |  |
GBX Leasing |  | $ | 146.0 |  |  | $ | 139.9 |
Other credit facility balances |  |  |  |  |  |
North America |  |  | 40.0 |  |  |  | — |
Europe |  |  | 37.4 |  |  |  | 47.2 |
Mexico |  |  | 125.0 |  |  |  | 110.0 |
Total Revolving notes |  | $ | 348.4 |  |  | $ | 297.1 |
Outstanding commitments under the North American credit facility included letters of credit which totaled $5.9 million and $4.9 million as of May 31, 2024 and August 31, 2023, respectively.

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