The 2015 Credit Agreement provides for aggregate credit facilities of $4,093.6 million, consisting of the following:
|
|
|
|
|
|
|
|
Amount |
|
Maturity |
(in millions) |
|
|
|
Revolving Credit Facility (1)(2)
|
$ |
1,150.0 |
|
|
July 16, 2020 |
U.S. Term A Facility (1)(3)
|
1,271.6 |
|
|
July 16, 2020 |
U.S. Term A-1 Facility (1)(3)
|
241.9 |
|
|
July 16, 2021 |
European Term A Facility (1)(3)
|
1,430.1 |
|
|
July 16, 2020 |
|
$ |
4,093.6 |
|
|
|
|
|
(1) |
Contractual interest rate varies based on our debt ratio (as defined in the 2015 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin. |
|
|
(2) |
Provides for credit facilities consisting of a $575.0 million U.S. Revolving Credit Facility and a $575.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate. We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH are the borrowers under the European Revolving Credit Facility.
|
|
|
(3) |
We are the borrower under the U.S. Term A and the U.S. Term A-1 loan facilities. CIH is the borrower under the European Term A loan facility. |
Borrowings consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2015 |
|
February 28,
2015 |
|
Current |
|
Long-term |
|
Total |
|
Total |
(in millions)
|
|
|
|
|
|
|
|
Notes payable to banks |
|
|
|
|
|
|
|
Senior Credit Facility – Revolving Credit Loans |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Other |
29.3 |
|
|
— |
|
|
29.3 |
|
|
52.4 |
|
|
$ |
29.3 |
|
|
$ |
— |
|
|
$ |
29.3 |
|
|
$ |
52.4 |
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
|
Senior Credit Facility – Term Loans |
$ |
137.5 |
|
|
$ |
2,806.1 |
|
|
$ |
2,943.6 |
|
|
$ |
2,792.1 |
|
Senior Notes |
— |
|
|
4,349.1 |
|
|
4,349.1 |
|
|
4,348.6 |
|
Other |
18.6 |
|
|
83.0 |
|
|
101.6 |
|
|
154.9 |
|
|
$ |
156.1 |
|
|
$ |
7,238.2 |
|
|
$ |
7,394.3 |
|
|
$ |
7,295.6 |
|
As of August 31, 2015, information with respect to borrowings under the 2015 Credit Agreement is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving
Credit
Facility
|
|
U.S.
Term A
Facility
|
|
U.S.
Term A-1
Facility
|
|
European
Term A
Facility
|
(in millions, except percentage data) |
|
|
|
|
|
|
|
Outstanding borrowings |
$ |
— |
|
|
$ |
1,271.6 |
|
|
$ |
241.9 |
|
|
$ |
1,430.1 |
|
Interest rate |
— |
% |
|
1.7 |
% |
|
1.9 |
% |
|
1.7 |
% |
Libor margin |
1.5 |
% |
|
1.5 |
% |
|
1.75 |
% |
|
1.5 |
% |
Outstanding letters of credit |
$ |
15.2 |
|
|
|
|
|
|
|
Remaining borrowing capacity |
$ |
1,134.8 |
|
|
|
|
|
|
|
As of August 31, 2015, our accounts receivable securitization facilities are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Borrowings |
|
Weighted Average Interest Rate |
|
Remaining Borrowing Capacity |
(in millions) |
|
|
|
|
|
CBI Facility |
$ |
— |
|
|
— |
% |
|
$ |
270.0 |
|
Crown Facility |
$ |
— |
|
|
— |
% |
|
$ |
160.0 |
|
|