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SHORT-TERM DEBT | 12 Months Ended
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Feb. 28, 2013
SHORT-TERM DEBT |
SHORT-TERM DEBT | NOTE 6 – SHORT-TERM DEBT We have a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. that provides for an unsecured total revolving commitment of up to $250.00 million, subject to certain terms and limitations as described below. The commitment under the Credit Agreement terminates on December 30, 2015. Borrowings accrue interest under one of two alternative methods as described in the Credit Agreement. With each borrowing against our credit line, we can elect the interest rate method based on our funding needs at the time. We also incur loan commitment fees and letter of credit fees under the Credit Agreement. Outstanding letters of credit reduce the borrowing availability under the Credit Agreement on a dollar-for-dollar basis. The Credit Agreement and our other debt are unconditionally guaranteed, on a joint and several basis, by the Company and certain of its subsidiaries. As of February 28, 2013, the revolving loan principal balance was $82.00 million and there were $0.30 million of open letters of credit outstanding against the Credit Agreement. As of February 28, 2013, the amount available for borrowings under the Credit Agreement was $167.70 million. The Credit Agreement and our other debt agreements require the maintenance of maximum debt leverage and minimum interest coverage ratios, specify minimum consolidated net worth levels and contain other customary covenants, which restrict us from incurring liens on any of our properties, except under certain conditions, and limit our ability to pay dividends and repurchase shares of our common stock, among other things. The following table contains information about interest rates on short-term debt and weighted average short-term debt outstanding for the periods covered by our consolidated statements of income: INTEREST RATES ON SHORT-TERM DEBT (in thousands)
|  | Fiscal Years Ended the Last Day of February, |
|  | 2013 |  |  | 2012 |  | 2011 |
Average short-term debt (1) |  | $ | 143,100 |  |  | $ | 94,060 |  | $ | 14,200 |
Average interest rate on short-term debt during each year (2) |  | 1.7% |  |  | 2.2% |  | 2.1% |
Interest rate range during each year |  | 1.6% - 4.0% |  |  | 2.0% - 4.0% |  | 2.0% - 4.0% |
Weighted average interest rate on short-term debt outstanding at year end |  | 1.6% |  |  | 2.1% |  | 2.0% |
(1) Average short-term debt is computed as the average of the current and four prior quarters ending balances of our revolving credit facility. (2) The average interest rate on short-term debt during each year is computed by dividing the total interest expense associated with our revolving credit facility for a fiscal year by the average short-term debt outstanding for the same fiscal year.

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