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Long-Term Debt (Tables)
 3 Months Ended
May 31, 2022
Debt Disclosure [Abstract]  
Summary of long-term debt
A summary of our long-term debt follows:
(in thousands)May 31, 2022February 28, 2022
Mississippi Business Finance Corporation Loan (the “MBFC Loan”) (1)
$14,807 $16,707 
Credit Agreement (2)1,093,500 799,500 
Subtotal1,108,307 816,207 
Unamortized prepaid financing fees(2,738)(2,991)
Total long-term debt1,105,569 813,216 
Less: current maturities of long-term debt(14,622)(1,884)
Long-term debt, excluding current maturities$1,090,947 $811,332 
(1)The MBFC Loan is unsecured and, at May 31, 2022 and February 28, 2022, bore floating interest based on either the London Interbank Offered Rate (“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 loan agreement. The weighted average interest rates on borrowings outstanding were 2.4% and 1.2% at May 31, 2022 and February 28, 2022, respectively.
(2)The Credit Agreement (defined below) is unsecured and, at May 31, 2022 and February 28, 2022, bore 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 of the outstanding principal balance under the Credit Agreement as of both May 31, 2022 and February 28, 2022 (see Notes 10, 11, and 12 for additional information regarding interest rate swaps). The weighted average interest rates on borrowings outstanding as of May 31, 2022 and February 28, 2022 were 2.4% and 1.2%, respectively.