XML 27 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt (Tables)
 3 Months Ended
May 31, 2013
Debt  
Summary of long-term debt

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Original

 

 

 

 

 

 

 

 

 

 

Date

 

Interest

 

 

 

May 31,

 

February 28,

 

 

Borrowed

 

Rates

 

Matures

 

2013

 

2013

 

 

 

 

 

 

 

 

 

 

 

$38 million unsecured loan with a state industrial development corporation, interim draws, interest is set and payable quarterly at the Base Rate, as defined below, plus a margin of up to 1.125%, or applicable LIBOR plus a margin of up to 2.125%, as determined by the interest rate elected. Loan subject to holder’s call on or after March 1, 2018. Loan can be prepaid without penalty any time after the earlier of March 20, 2014 or 6 months after the Facility is ready for occupancy.

 

03/13

 

1.57%

 

03/23

 

$

 11,835

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

$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

 

 

 

 

 

 

 

186,835

 

175,000

Less current maturities of long-term debt

 

 

 

 

 

 

 

(21,900)

 

(20,000)

Long-term debt, excluding current maturities

 

 

 

 

 

 

 

$

 164,935

 

$

 155,000

 

(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 condensed financial statements.