XML 16 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
LONG-TERM DEBT (Tables)
 12 Months Ended
Feb. 28, 2014
LONG-TERM DEBT  
Summary of long-term debt

(dollars in thousands)

 

 

Original

 

 

 

 

 

 

 

 

 

 

 

Date

 

Interest

 

 

 

February 28,

 

 

February 28,

 

 

 

Borrowed

 

Rates

 

Matures

 

2014

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$37.61 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 March 20, 2014.

 

03/13

 

1.16%

 

03/23

 

  $

37,607

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$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 in June 2014. 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

 

80,000

 

 

100,000

 

Total long-term debt

 

 

 

 

 

 

 

192,607

 

 

175,000

 

Less current maturities of long-term debt

 

 

 

 

 

 

 

(96,900

)

 

(20,000

)

Long-term debt, excluding current maturities

 

 

 

 

 

 

 

  $

95,707

 

 

$

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 financial statements.
Summary of components of interest expense

 

 

(in thousands)

 

 

 

 

Fiscal Years Ended the Last Day of February,

 

 

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Interest and commitment fees

 

  $

5,609

 

$

8,858

 

$

7,670

 

Deferred finance costs

 

912

 

903

 

823

 

Interest rate swap settlements, net

 

3,672

 

3,584

 

4,424

 

Total interest expense

 

  $

10,193

 

$

13,345

 

$

12,917