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Long-Term Debt (Tables) | 12 Months Ended
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Feb. 28, 2021
Debt Disclosure [Abstract] |
Summary of long-term debt | A summary of our long-term debt follows:
(in thousands) | February 28, 2021 |  | February 29, 2020
Mississippi Business Finance Corporation Loan (the “MBFC Loan”) (1) | $ | 18,607 |  |  | $ | 20,507 |
Credit Agreement (2) | 329,000 |  |  | 320,000 |
Subtotal | 347,607 |  |  | 340,507 |
Unamortized prepaid financing fees | (3,977) |  |  | (1,202) |
Total long-term debt | 343,630 |  |  | 339,305 |
Less: current maturities of long-term debt | (1,884) |  |  | (1,884) |
Long-term debt, excluding current maturities | $ | 341,746 |  |  | $ | 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. (2)The Credit Agreement (defined below) is unsecured and bears floating interest at either the Base Rate or LIBOR, plus a margin based on the Net Leverage Ratio (as defined in the Credit Agreement) of 0% to 1.0% and 1.0% to 2.0% for Base Rate and LIBOR borrowings, respectively. These 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 16, 17, and 18 for additional information regarding interest rate swaps).
Aggregate annual maturities of long-term debt | Aggregate annual maturities of our long-term debt as of February 28, 2021 are as follows:
(in thousands) |
Fiscal 2022 | $ | 1,900 |
Fiscal 2023 | 1,900 |
Fiscal 2024 | 14,807 |
Fiscal 2025 | — |
Fiscal 2026 | 329,000 |
Thereafter | — |
Total | $ | 347,607 |
Schedule of interest rates on credit agreement | The following table contains information about interest rates and the related weighted average borrowings outstanding under our Credit Agreement and the MBFC Loan for the periods presented below:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2021 |  | 2020 |  | 2019
Credit Agreement: |  |  |  |  |
Average borrowings outstanding (1) | $ | 334,400 |  | $ | 286,640 |  | $ | 290,860
Average effective interest rate (2) | 1.7% |  | 3.2% |  | 3.2%
Interest rate range | 1.1% - 4.8% |  | 2.6% - 5.5% |  | 2.8% - 5.5%
Weighted average interest rates on borrowings outstanding at year end | 1.1% |  | 2.7% |  | 3.6%
MBFC Loan: |  |  |  |  |
Average borrowings outstanding (1) | $ | 18,987 |  | $ | 20,887 |  | $ | 22,787
Average effective interest rate (2) | 1.4% |  | 3.1% |  | 3.2%
Interest rate range | 1.1% - 2.6% |  | 2.6% - 3.5% |  | 2.9% - 3.5%
Weighted average interest rates on borrowings outstanding at year end | 1.1% |  | 2.6% |  | 3.5%
(1)Average borrowings outstanding is computed as the average of the current and four prior quarters ending balances outstanding. (2)The average effective interest rate during each year is computed by dividing the total interest expense associated with the borrowing for a fiscal year by the average borrowings outstanding for the same fiscal year.

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