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Long-Term Debt (Tables)
 12 Months Ended
Feb. 28, 2018
Long-Term Debt  
Summary of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Original

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

Interest

 

 

 

February 28, 

 

February 28, 

(dollars in thousands)

  

Borrowed

  

Rates

  

Matures

  

2018

  

2017

Mississippi Business Finance Corporation Loan (the "MBFC Loan")(1)

 

03/13

 

Floating

 

03/23

 

$

24,219

 

$

29,903

Senior Notes(2)

 

01/11

 

3.9

%  

01/18

 

 

 -

 

 

19,763

Credit Agreement(3)

 

01/15

 

Floating

 

12/21

 

 

265,650

 

 

435,949

Total long-term debt

 

 

 

 

 

 

 

 

289,869

 

 

485,615

Less current maturities of long-term debt

 

 

 

 

 

 

 

 

(1,884)

 

 

(24,404)

Long-term debt, excluding current maturities

 

 

 

 

 

 

 

$

287,985

 

$

461,211

 

Schedule of interest rates on credit agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Years Ended the Last Day of February,

 

(in thousands)

    

2018

    

2017

    

2016

 

Average borrowings outstanding (1)

 

$

382,960

 

$

498,420

 

$

399,800

 

Average interest rate during each year (2)

 

 
2.7

%  

 
2.2

%  

 
1.6

%  

Interest rate range during each year

 

 

2.3 - 4.8

%  

 

1.9 - 4.3

%  

 

1.4 - 4.0

%  

Weighted average interest rates on borrowings outstanding at year end

 

 
2.9

%  

 
2.3

%  

 
2.8

%  

 

Summary of components of interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Years Ended the Last Day of February,

(in thousands)

    

2018

    

2017

    

2016

Interest and commitment fees

 

$

13,084

 

$

13,745

 

$

9,941

Deferred finance costs

 

 

887

 

 
706

 

 
651

Interest rate swap settlements, net

 

 

54

 

 

 -

 

 

(11)

Cross-currency debt swap

 

 

(74)

 

 

(90)

 

 

 -

Total interest expense

 

$

13,951

 

$

14,361

 

$

10,581