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Notes Payable, net
 9 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
Notes Payable, net

Note 9 – Notes Payable, net

(In millions)

 

May 31,
2025

 

 

August 31,
2024

 

Leasing nonrecourse term loans

 

$

771.2

 

 

$

792.1

 

Senior term debt

 

 

250.0

 

 

 

251.7

 

2.875% Convertible senior notes, due 2028

 

 

373.8

 

 

 

373.8

 

Other notes payable

 

 

3.3

 

 

 

3.3

 

 

 

$

1,398.3

 

 

$

1,420.9

 

Debt discount and issuance costs

 

 

(14.4

)

 

 

(16.7

)

 

 

$

1,383.9

 

 

$

1,404.2

 

 

Leasing nonrecourse term loans include:

•
Nonrecourse senior term debt, which is secured by a pool of leased railcars. The principal balance as of May 31, 2025 was $311.3 million.
•
Asset-backed term notes secured by a portfolio of leased railcars, which includes the term notes issued by GBX Leasing 2022-1 LLC. The principal balance as of May 31, 2025 was $459.9 million.

The senior term debt was amended in May 2025 on similar terms, extending the maturity date from August 2026 to May 2030. Senior term debt bears a floating interest rate of SOFR plus 1.50% plus 0.10% as a SOFR adjustment. Interest rate swap agreements cover approximately 72% of the principal balance to swap the floating interest rate to fixed rates. Principal payments of $3.1 million are to be paid quarterly in arrears with a balloon payment of $190.6 million due upon maturity. The principal balance as of May 31, 2025 was $250.0 million.