XML 29 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt (Tables)
 3 Months Ended
May 31, 2014
Debt  
Summary of long-term debt

 

(dollars in thousands)

 

 

Original

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

Interest

 

 

 

 

May 31,

 

 

February 28,

 

 

 

Borrowed

 

Rates

 

Matures

 

 

2014

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$37.61 million unsecured loan with a state industrial development corporation, interest is set and payable quarterly at a Base Rate, 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.

 

03/13

 

1.90%

 

03/23

 

 

$

35,707

 

 

$

37,607

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$75 million unsecured floating interest rate 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) (2)

 

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

 

 

80,000

 

Total long-term debt

 

 

 

 

 

 

 

 

190,707

 

 

192,607

 

Less current maturities of long-term debt

 

 

 

 

 

 

 

 

(96,900

)

 

(96,900

)

Long-term debt, excluding current maturities

 

 

 

 

 

 

 

 

$

93,807

 

 

$

95,707

 

 

(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.

 

(2)      On June 30, 2014, $75 million of principal on our Senior Notes was repaid at maturity.