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Long-Term Debt (Tables)
 3 Months Ended
May 31, 2018
Long-Term Debt  
Summary of long-term debt

 

LONG-TERM DEBT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Original

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

Interest

 

 

 

May 31, 

 

February 28, 

(dollars in thousands)

  

Borrowed

  

Rates

  

Matures

  

2018

  

2018

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

 

03/13

 

Floating

 

03/23

 

$

22,323

 

$

24,219

Credit Agreement (2)

 

01/15

 

Floating

 

12/21

 

 

277,800

 

 

265,650

Total long-term debt

 

 

 

 

 

 

 

 

300,123

 

 

289,869

Less current maturities of long-term debt

 

 

 

 

 

 

 

 

(1,884)

 

 

(1,884)

Long-term debt, excluding current maturities

 

 

 

 

 

 

 

$

298,239

 

$

287,985

_____________________

(1)

The MBFC Loan is unsecured with an original balance of $37.6 million and interest 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. The loan is subject to holder’s call on or after March 1, 2018.  The loan can be prepaid without penalty.  The remaining principal balance is payable as follows: $1.9 million annually on March 1, 2019 through 2022; and $14.8 million on March 1, 2023.  Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.

(2)

Floating interest rates are hedged with an interest rate swap to effectively fix interest rates on $100 million of the outstanding principal balance under the Credit Agreement.  Notes 12 and 13 to these condensed consolidated financial statements provide additional information regarding the interest rate swap.

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