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LONG-TERM DEBT (Tables)
 12 Months Ended
Feb. 29, 2012
LONG-TERM DEBT.  
Summary of long-term debt

 

(dollars in thousands)

 

 

Original

 

 

 

 

 

 

 

 

 

 

 

Date

 

Interest

 

 

 

February 29,

 

February 28,

 

 

 

Borrowed

 

Rates

 

Matures

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

$15 million unsecured Senior Note payable at a fixed interest rate of 7.24%. Interest payable quarterly. Annual principal payments of $3 million began in July 2008.

 

07/97

 

7.24%

 

07/12

 

$

3,000

 

$

6,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$50 million unsecured floating interest rate 7 year Senior Notes. Interest set and payable quarterly at three-month LIBOR plus 85 basis points. Principal is due at maturity. Notes can be prepaid without penalty. (1)

 

06/04

 

5.89%

 

06/11

 

-  

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$75 million unsecured floating interest rate 10 year Senior Notes. Interest set and payable quarterly at three-month LIBOR plus 90 basis points. Principal is due at maturity. Notes can be prepaid without penalty. (1)

 

06/04

 

6.01%

 

06/14

 

75,000

 

75,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$100 million unsecured Senior Notes payable at a fixed interest rate of 3.90%. Interest payable semi-annually. Annual principal payments of $20 million begin in January 2014. Prepayment of notes are subject to a “make whole” premium.

 

01/11

 

3.90%

 

01/18

 

100,000

 

100,000

 

Total long-term debt

 

 

 

 

 

 

 

178,000

 

231,000

 

Less current maturities of long-term debt

 

 

 

 

 

 

 

(3,000

)

(53,000

)

Long-term debt, excluding current maturities

 

 

 

 

 

 

 

$

175,000

 

$

178,000

 

 

(1)  Floating interest rates have been hedged with an interest rate swap to effectively fix interest rates.  Additional information regarding the swap is provided in Note (12) to these consolidated financial statements.
Summary of components of interest expense

 

(in thousands)

 

 

Fiscal Years Ended the Last Day of February,

 

 

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

Interest and commitment fees

 

$

7,670

 

$

3,268

 

$

3,468

 

Deferred finance costs

 

823

 

428

 

332

 

Interest rate swap settlements, net

 

4,424

 

5,997

 

6,510

 

Total interest expense

 

$

12,917

 

$

9,693

 

$

10,310