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Long-Term Debt (Tables)
 3 Months Ended
May 31, 2019
Debt Disclosure [Abstract]  
Summary of long-term debt
The following table summarizes our long-term debt as of the end of the periods shown:
 
LONG-TERM DEBT
(in thousands)
Original
Date
Borrowed
 
Interest
Rates
 
Matures
 
May 31, 2019
 
February 28, 2019
Mississippi Business Finance Corporation Loan (the "MBFC Loan") (1)
03/13
 
Floating
 
03/23
 
$
20,439

 
$
22,335

Credit Agreement (2)
01/15
 
Floating
 
12/21
 
300,700

 
298,449

Total long-term debt
 
 
 
 
 
 
321,139

 
320,784

Less current maturities of long-term debt
 
 
 
 
 
 
(1,884
)
 
(1,884
)
Long-term debt, excluding current maturities
 
 
 
 
 
 
$
319,255

 
$
318,900


 
(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, 2020 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 interest rate swaps to effectively fix interest rates on $225 million of the outstanding principal balance under the Credit Agreement.  Notes 13 and 14 to these condensed consolidated financial statements provide additional information regarding the interest rate swaps.