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SHORT-TERM DEBT | 12 Months Ended
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Feb. 28, 2014
SHORT-TERM DEBT |
SHORT-TERM DEBT | NOTE 6 – SHORT-TERM DEBT The Company has a entered into a Credit Agreement (the “Credit Agreement”, as amended) dated December 30, 2010 with Bank of America, N.A., and the other lenders which was amended on February 7, 2014 (“Credit Agreement Amendment”). The Credit Agreement Amendment, among other things, increased the unsecured revolving commitment of the Credit Agreement from $250 million to $375 million, subject to the certain terms and limitations described below. The Credit Agreement Amendment also eliminated the maintenance of a minimum consolidated net worth financial covenant. Finally, the Credit Agreement Amendment modified the limitation on the Company’s ability to declare or pay cash dividends to shareholders or make stock repurchases. Specifically, the Company may declare or pay cash dividends to shareholders or make stock repurchases if, after giving effect to the dividends or share repurchases, the Leverage Ratio (as defined in the Credit Agreement) is not greater than (i) 2.75 to 1.00 prior to the date that the compliance certificate for the fiscal year ending February 28, 2015 is required to have been delivered under the Credit Agreement, and (ii) 2.50 to 1.00 thereafter. The Credit Agreement Amendment does not modify the terms of the Credit Agreement under which repayment may be accelerated or increased. 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, 2014, there was no revolving loan principal balance outstanding and there were $0.28 million of open letters of credit outstanding against the Credit Agreement. As of February 28, 2014, the amount available for borrowings under the Credit Agreement was $374.72 million. The Credit Agreement and our other debt agreements require the maintenance of maximum debt leverage and minimum interest coverage ratios, and contain other customary covenants, which restrict us from incurring liens on any of our properties, except under certain conditions, and place certain limits on the amount of dividends we may pay or shares of common stock we may repurchase, 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, |
|  | 2014 |  | 2013 |  | 2012 |
Average short-term debt (1) |  | $ | 29,680 |  | $ | 143,100 |  | $ | 94,060 |
Average interest rate on short-term debt during each year (2) |  | 1.3% |  | 1.7% |  | 2.2% |
Interest rate range during each year |  | 1.2%- 3.6% |  | 1.6% - 4.0% |  | 2.0% - 4.0% |
Weighted average interest rate on short-term debt outstanding at year end |  | 0.0% |  | 1.6% |  | 2.1% |
(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. See Note (21) to these consolidated financial statements for information regarding the borrowing of a principal amount of $200 million under our Credit Agreement on March 14, 2014 in connection with the Company’s modified “Dutch auction” tender offer.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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