XML 56 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Long-Term Debt (Tables)
 12 Months Ended
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