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Long-Term Debt (Tables)
 12 Months Ended
Feb. 28, 2022
Debt Disclosure [Abstract]  
Summary of long-term debt
A summary of our long-term debt follows:

(in thousands)February 28, 2022February 28, 2021
Mississippi Business Finance Corporation Loan (the “MBFC Loan”) (1)
$16,707 $18,607 
Credit Agreement (2)799,500 329,000 
Subtotal816,207 347,607 
Unamortized prepaid financing fees(2,991)(3,977)
Total long-term debt813,216 343,630 
Less: current maturities of long-term debt(1,884)(1,884)
Long-term debt, excluding current maturities$811,332 $341,746 

(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 (defined below).

(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 $125 million and $225 million of the outstanding principal balance under the Credit Agreement as of February 28, 2022 and February 28, 2021, respectively (see Notes 15, 16, and 17 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, 2022 are as follows:

(in thousands)
Fiscal 2023$1,900 
Fiscal 202414,807 
Fiscal 2025— 
Fiscal 2026799,500 
Fiscal 2027— 
Thereafter— 
Total$816,207 
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)202220212020
Credit Agreement:
Average borrowings outstanding (1)$503,900$334,400$286,640
Average effective interest rate (2)1.1%1.7%3.2%
Interest rate range
1.1% - 3.3%
1.1% - 4.8%
2.6% - 5.5%
Weighted average interest rates on borrowings outstanding at year end1.2%1.1%2.7%
MBFC Loan:
Average borrowings outstanding (1)$17,087$18,987$20,887
Average effective interest rate (2)1.1%1.4%3.1%
Interest rate range
1.1% - 1.2%
1.1% - 2.6%
2.6% - 3.5%
Weighted average interest rates on borrowings outstanding at year end1.2%1.1%2.6%

(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.