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SUBSEQUENT EVENTS
12 Months Ended
Feb. 28, 2014
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 21 – SUBSEQUENT EVENTS

 

On March 14, 2014, the Company completed its modified “Dutch auction” tender offer resulting in the repurchase of 3,693,816 shares of its outstanding common stock at a final purchase price of $66.50 per share.  The proceeds from borrowing $200 million under the Credit Agreement and $45.64 million of cash on hand were used to pay for all shares of common stock properly tendered and not properly withdrawn for an aggregate purchase price of approximately $245.64 million (not including fees and expenses relating to the tender offer).  The shares repurchased represented approximately 11.5 percent of the Company’s issued and outstanding common shares as of February 5, 2014.

 

On March 20, 2014, the Company concluded its borrowings under the MBFC Loan Agreement, which fixed the principal balance at $37.61 million. Since the aggregate maximum principal under the MBFC Loan Agreement was not borrowed, the final payment of the repayment schedule outlined in Note (9) to these consolidated financial statements was adjusted from $15.20 million previously disclosed to $14.81 million.