Borrowings consist of the following:
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November 30, 2016 |
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February 29,
2016 |
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Current |
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Long-term |
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Total |
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Total |
(in millions) |
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Notes payable to banks |
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|
Senior Credit Facility – Revolving Credit Loans |
$ |
220.0 |
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|
$ |
— |
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|
$ |
220.0 |
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|
$ |
92.0 |
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Other |
133.4 |
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|
— |
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|
133.4 |
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|
316.3 |
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|
$ |
353.4 |
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|
$ |
— |
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|
$ |
353.4 |
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|
$ |
408.3 |
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Long-term debt |
|
|
|
|
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|
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Senior Credit Facility – Term Loans |
$ |
192.5 |
|
|
$ |
3,641.8 |
|
|
$ |
3,834.3 |
|
|
$ |
2,856.8 |
|
Senior Notes |
699.6 |
|
|
3,321.2 |
|
|
4,020.8 |
|
|
4,716.3 |
|
Other |
23.6 |
|
|
399.5 |
|
|
423.1 |
|
|
99.8 |
|
|
$ |
915.7 |
|
|
$ |
7,362.5 |
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|
$ |
8,278.2 |
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|
$ |
7,672.9 |
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The 2016 Credit Agreement provides for aggregate credit facilities of $5,004.2 million, consisting of the following:
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Amount |
|
Maturity |
(in millions) |
|
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Revolving Credit Facility (1) (2)
|
$ |
1,150.0 |
|
|
July 16, 2020 |
U.S. Term A Facility (1) (3)
|
1,192.1 |
|
|
July 16, 2020 |
U.S. Term A-1 Facility (1) (3)
|
238.9 |
|
|
July 16, 2021 |
European Term A Facility (1) (3)
|
1,340.7 |
|
|
July 16, 2020 |
European Term A-1 Facility (1) (3)
|
682.5 |
|
|
March 10, 2021 |
European Term A-2 Facility (1) (3)
|
400.0 |
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March 10, 2021 |
|
$ |
5,004.2 |
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(1) |
Contractual interest rate varies based on our debt ratio (as defined in the 2016 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin. |
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(2) |
Provides for credit facilities consisting of a $150.0 million U.S. Revolving Credit Facility and a $1,000.0 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 and/or CIHH and/or CB International are the borrowers under the European Revolving Credit Facility.
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(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 and the European Term A-2 loan facilities. CIHH is the borrower under the European Term A-1 loan facility. |
As of November 30, 2016, our accounts receivable securitization facilities are as follows:
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Outstanding
Borrowings
|
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Weighted
Average
Interest Rate
|
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Remaining
Borrowing
Capacity
|
(in millions) |
|
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|
CBI Facility |
$ |
97.0 |
|
|
1.5 |
% |
|
$ |
208.0 |
|
Crown Facility |
$ |
— |
|
|
— |
% |
|
$ |
150.0 |
|
As of November 30, 2016, information with respect to borrowings under the 2016 Credit Agreement is as follows:
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Revolving
Credit
Facility
|
|
U.S.
Term A
Facility (1)
|
|
U.S.
Term A-1
Facility (1)
|
|
European
Term A
Facility (1)
|
|
European
Term A-1
Facility (1)
|
|
European
Term A-2
Facility (1)
|
(in millions) |
|
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Outstanding borrowings |
$ |
220.0 |
|
|
$ |
1,184.4 |
|
|
$ |
238.5 |
|
|
$ |
1,334.1 |
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|
$ |
679.6 |
|
|
$ |
397.7 |
|
Interest rate |
2.1 |
% |
|
2.0 |
% |
|
2.3 |
% |
|
2.0 |
% |
|
2.0 |
% |
|
2.0 |
% |
Libor margin |
1.5 |
% |
|
1.5 |
% |
|
1.75 |
% |
|
1.5 |
% |
|
1.5 |
% |
|
1.5 |
% |
Outstanding letters of credit |
$ |
16.7 |
|
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|
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Remaining borrowing capacity |
$ |
913.3 |
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(1) |
Outstanding term loan facility borrowings are net of unamortized debt issuance costs. |
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