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Long-Term Debt (Tables) | 12 Months Ended
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Feb. 28, 2017
Long-Term Debt |
Summary of long-term debt |
|  | Original |  |  |  |  |  |
|  | Date |  | Interest |  |  |  | Last Day of February
(dollars in thousands) |  | Borrowed |  | Rates |  | Matures |  | 2017 |  | 2016
$37.6 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 1.0%, or applicable LIBOR plus a margin of up to 2.0%, 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 |  | $ | 29,903 |  | $ | 33,706
$100 million unsecured Senior Notes payable at a fixed interest rate of 3.9%. 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 |  | 3.9 | % | 01/18 |  |  | 19,763 |  |  | 39,496
Credit Agreement |  | 01/15 |  | Floating |  | 12/21 |  |  | 435,949 |  |  | 546,712
Total long-term debt |  |  |  |  |  |  |  |  | 485,615 |  |  | 619,914
Less current maturities of long-term debt |  |  |  |  |  |  |  |  | (24,404) |  |  | (22,644)
Long-term debt, excluding current maturities |  |  |  |  |  |  |  | $ | 461,211 |  | $ | 597,270
| (1) |  | $3.8 and $1.9 million in principal payments were made on March 1, 2016 and 2015, respectively. The remaining loan balance is payable as follows: $5.7 million on March 1, 2017; $1.9 million annually on March 1, 2018 through 2022; and $14.8 million on March 1, 2023. Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.
Schedule of interest rates on credit agreement |
|  | Fiscal Years Ended the Last Day of February, |
(in thousands) |  | 2017 |  | 2016 |  | 2015 |
Average borrowings outstanding (1) |  | $ | 498,420 |  | $ | 399,800 |  | $ | 300,280 |
Average interest rate during each year (2) |  |  | 2.2 | % |  | 1.6 | % |  | 2.5 | %
Interest rate range during each year |  |  | 1.9 - 4.3 | % |  | 1.4 - 4.0 | % |  | 1.9 - 4.4 | %
Weighted average interest rates on borrowings outstanding at year end |  |  | 2.3 | % |  | 2.8 | % |  | 1.9 | %
(1)Average borrowings outstanding is computed as the average of the current and four prior quarters ending balances of our credit facility. (2) The average interest rate during each year is computed by dividing the total interest expense associated with our credit facility for a fiscal year by the average borrowings outstanding for the same fiscal year.
Summary of components of interest expense |
|  | Fiscal Years Ended the Last Day of February,
(in thousands) |  | 2017 |  | 2016 |  | 2015
Interest and commitment fees |  | $ | 13,747 |  | $ | 9,949 |  | $ | 11,958
Deferred finance costs |  |  | 1,200 |  |  | 1,158 |  |  | 1,846
Interest rate swap settlements, net |  |  | - |  |  | - |  |  | 1,218
Cross-currency debt swap |  |  | (90) |  |  | (11) |  |  | -
Total interest expense |  | $ | 14,857 |  | $ | 11,096 |  | $ | 15,022

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: 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(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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