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Long-Term Debt (Tables)
 12 Months Ended
Feb. 29, 2020
Debt Disclosure [Abstract]  
Summary of long-term debt
A summary of our long-term debt follows:
(dollars in thousands)
February 29, 2020
February 28, 2019
Mississippi Business Finance Corporation Loan (the "MBFC Loan") (1)
$
20,451

$
22,335

Credit Agreement (2)
318,854

298,449

Total long-term debt
339,305

320,784

Less current maturities of long-term debt
(1,884
)
(1,884
)
Long-term debt, excluding current maturities
$
337,421

$
318,900


(1)
The MBFC Loan is unsecured and bears floating interest based on either 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 defined in the loan agreement. Since March 2018, the loan may be called by the holder at anytime.  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)
The Credit Agreement's 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 (see Notes 17 and 18 regarding interest rate swaps).
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 Last Day of February,
(in thousands)
2020
2019
2018
Average borrowings outstanding (1)
$
286,640

$
290,860

$
382,960

Average interest rate during each year (2)
3.2
%
3.2
%
2.7
%
Interest rate range during each year
2.6% - 5.5%

2.8% - 5.5%

2.3 - 4.8%

Weighted average interest rates on borrowings outstanding at year end
2.7
%
3.6
%
2.9
%

(1)
Average borrowings outstanding is computed as the average of the current and four prior quarters ending balances of our credit facility.
(2)
The average interest rate during each year is computed by dividing the total interest expense associated with the Credit Agreement for a fiscal year by the average borrowings outstanding for the same fiscal year.
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 Last Day of February,
(in thousands)
2020
2019
2018
Interest and commitment fees
$
10,970

$
11,366

$
13,084

Deferred finance costs
1,620

1,015

887

Interest rate swap settlements, net
262

(515
)
54

Cross-currency debt swap
(147
)
(147
)
(74
)
Total interest expense
$
12,705

$
11,719

$
13,951