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Long-Term Debt (Tables) | 6 Months Ended
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Aug. 31, 2020
Debt Disclosure [Abstract] |
Summary of long-term debt | The following table summarizes our long-term debt as of the end of the periods shown:
(in thousands) |  |  |  | August 31, 2020 |  | February 29, 2020
MBFC Loan (1) |  |  |  | $ | 18,542 |  |  | $ | 20,451 |
Credit Agreement (2) |  |  |  | 281,589 |  |  | 318,854 |
Total long-term debt |  |  |  | 300,131 |  |  | 339,305 |
Less current maturities of long-term debt |  |  |  | (1,884) |  |  | (1,884) |
Long-term debt, excluding current maturities |  |  |  | $ | 298,247 |  |  | $ | 337,421 |
(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 net leverage ratio defined in the Indenture. Since March 2018, the loan may be called by the holder at any time. The loan can be prepaid without penalty. The remaining principal balance is payable as follows: $1.9 million annually on March 1, 2021 and 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 14, 15 and 16 for additional information regarding the interest rate swaps).

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