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Long-Term Debt (Tables)
 6 Months Ended
Aug. 31, 2017
Long-Term Debt  
Summary of long-term debt

LONG-TERM DEBT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Original

 

 

 

 

 

 

 

 

Date

 

Interest

 

 

 

August 31, 

    

February 28, 

(dollars in thousands)

    

Borrowed

    

Rates

    

Matures

    

2017

    

2017

$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

 

$

24,212

 

$

29,903

$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

 

 

19,905

 

 

19,763

Credit Agreement

 

01/15

 

Floating

 

12/21

 

 

400,149

 

 

435,949

Total long-term debt

 

 

 

 

 

 

 

 

444,266

 

 

485,615

Less current maturities of long-term debt

 

 

 

 

 

 

 

 

(20,789)

 

 

(24,404)

Long-term debt, excluding current maturities

 

 

 

 

 

 

 

$

423,477

 

$

461,211

(1)

The remaining principal balance of the MBFC loan is payable as follows: $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.