Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.3.0.814
Borrowings (Tables)
6 Months Ended
Aug. 31, 2015
Debt Disclosure [Abstract]  
Borrowings
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

Required principal repayments under senior credit facility term loan obligations
As of August 31, 2015, the required principal repayments of the term loans under the 2015 Credit Agreement for the remaining six months of fiscal 2016 and for each of the five succeeding fiscal years and thereafter are as follows:
 
U.S.
Term A
Facility
 
U.S.
Term A-1
Facility
 
European
Term A
Facility
 
Total
(in millions)
 
 
 
 
 
 
 
2016
$
31.8

 
$
1.2

 
$
35.8

 
$
68.8

2017
63.6

 
2.4

 
71.5

 
137.5

2018
63.6

 
2.4

 
71.5

 
137.5

2019
63.6

 
2.4

 
71.5

 
137.5

2020
63.5

 
2.5

 
71.5

 
137.5

2021
985.5

 
2.4

 
1,108.3

 
2,096.2

Thereafter

 
228.6

 

 
228.6

 
$
1,271.6

 
$
241.9

 
$
1,430.1

 
$
2,943.6