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Long-Term Debt (Tables)
 12 Months Ended
Feb. 28, 2019
Debt Disclosure [Abstract]  
Summary of long-term debt
A summary of our long-term debt follows:
(dollars in thousands)
Original
Date
Borrowed
Interest
Rates
Matures
February 28, 2019
February 28, 2018
Mississippi Business Finance Corporation Loan (the "MBFC Loan") (1)
03/13
Floating
03/23
$
22,335

$
24,219

Credit Agreement (2)
01/15
Floating
12/21
298,449

265,650

Total long-term debt
 
 
 
320,784

289,869

Less current maturities of long-term debt
 
 
 
(1,884
)
(1,884
)
Long-term debt, excluding current maturities
 
 
 
$
318,900

$
287,985


(1)
The MBFC Loan is unsecured with an original balance of $37.6 million and incurs floating interest based on applicable LIBOR plus a margin of up to 2.0% , or a base rate plus a margin of up to 1.0%, 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 $225 million of the outstanding principal balance under the Credit Agreement.  Notes 15 and 16 to these consolidated  financial statements provide additional information regarding the interest rate swap.
Schedule of interest rates on credit agreement
The following table contains information about interest rates on our Credit Agreement and the related weighted average borrowings outstanding for the periods covered by our consolidated statements of income:
 
Fiscal Years Ended February 28,
(in thousands)
2019
2018
2017
Average borrowings outstanding (1)
$
290,860

$
382,960

$
498,420

Average interest rate during each year (2)
3.2
%
2.7
%
2.2
%
Interest rate range during each year
2.8% - 5.5%

2.3 - 4.8%

1.9 - 4.3%

Weighted average interest rates on borrowings outstanding at year end
3.6
%
2.9
%
2.3
%
Summary of components of interest expense
The following table contains a summary of the components of our interest expense for the periods covered by our consolidated statements of income:
 
Fiscal Years Ended February 28,
(in thousands)
2019
2018
2017
Interest and commitment fees
$
11,366

$
13,084

$
13,745

Deferred finance costs
1,015

887

706

Interest rate swap settlements, net
(515
)
54

—

Cross-currency debt swap
(147
)
(74
)
(90
)
Total interest expense
$
11,719

$
13,951

$
14,361