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Debt (Tables)
 6 Months Ended
Aug. 31, 2015
Debt  
Summary of long-term debt (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Original

 

 

 

 

 

 

 

 

 

Date

 

Interest

 

 

 

August 31, 

 

February 28, 

 

    

Borrowed

    

Rates

    

Matures

    

2015

    

2015

$37.61 million unsecured loan with the Mississippi Business Finance Corporation (the "MBFC Loan"), interest is set and payable quarterly at a Base Rate, plus a margin of up to 1.00%, or applicable LIBOR plus a margin of up to 2.00%, as determined by the interest rate elected and the Leverage Ratio. Loan subject to holder's call on or after March 1, 2018. Loan can be prepaid without penalty. (1)

 

03/13

 

Floating

    

03/23

 

$
33,807

 

$
35,707

$100 million unsecured Senior Notes payable at a fixed interest rate of 3.90%. Interest payable semi-annually. Annual principal payments of $20 million began in January 2014. Prepayment of notes are subject to a "make whole" premium.

 

01/11

 
3.90

%  

01/18

 

 
60,000

 

 
60,000

Credit Agreement

 

01/15

 

Floating

 

01/20

 

 
385,500

 

 
337,500

Total long-term debt

 

 

 

 

 

 

 

 
479,307

 

 
433,207

Less current maturities of long-term debt

 

 

 

 

 

 

 

 
(23,800)

 

 
(21,900)

Long-term debt, excluding current maturities

 

 

 

 

 

 

 

$
455,507

 

$
411,307

(1) A $1.90 million principal payment was made on March 1, 2015. The remaining loan balance is payable as follows: $3.80 million on March 1, 2016; $5.70 million on March 1, 2017; $1.90 million annually on March 1, 2018 through 2022; and $14.81 million on March 1, 2023. Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.