| Borrowings |
Our outstanding senior notes are as follows:
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Date of |
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Outstanding Balance (1)
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Issuance |
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Maturity |
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Interest
Payments
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Principal |
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February 28,
2017 |
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February 29,
2016 |
(in millions) |
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7.25% Senior Notes (2) (3)
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August 2006 |
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September 2016 |
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Mar/Sept |
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$ |
700.0 |
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$ |
— |
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$ |
699.0 |
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7.25% Senior Notes (2) (3) (4)
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January 2008 |
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May 2017 |
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May/Nov |
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$ |
700.0 |
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$ |
699.9 |
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$ |
699.0 |
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6% Senior Notes (2) (3)
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April 2012 |
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May 2022 |
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May/Nov |
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$ |
600.0 |
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$ |
594.9 |
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$ |
594.1 |
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3.75% Senior Notes (2) (3)
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May 2013 |
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May 2021 |
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May/Nov |
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$ |
500.0 |
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$ |
497.4 |
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$ |
496.8 |
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4.25% Senior Notes (2) (3)
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May 2013 |
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May 2023 |
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May/Nov |
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$ |
1,050.0 |
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$ |
1,043.4 |
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$ |
1,042.5 |
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3.875% Senior Notes (2) (3)
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November 2014 |
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November 2019 |
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May/Nov |
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$ |
400.0 |
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$ |
396.8 |
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$ |
395.7 |
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4.75% Senior Notes (2) (3)
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November 2014 |
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November 2024 |
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May/Nov |
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$ |
400.0 |
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$ |
395.4 |
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$ |
394.9 |
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4.75% Senior Notes (2) (3)
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December 2015 |
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December 2025 |
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June/Dec |
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$ |
400.0 |
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$ |
394.8 |
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$ |
394.3 |
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3.70% Senior Notes (2) (5)
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December 2016 |
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December 2026 |
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June/Dec |
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$ |
600.0 |
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$ |
594.4 |
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$ |
— |
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(1) |
Amounts are net of unamortized discounts, where applicable, and debt issuance costs. |
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(2) |
Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Guaranteed by certain of our U.S. subsidiaries on a senior unsecured basis. |
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(3) |
Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount plus a make whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points.
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(4) |
Issued in exchange for notes originally issued in May 2007. |
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(5) |
Redeemable, in whole or in part, at our option at any time prior to September 6, 2026, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 25 basis points. On or after September 6, 2026, redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest.
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As of February 28, 2017, 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 |
$ |
206.1 |
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|
1.7 |
% |
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$ |
88.9 |
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Crown Facility |
$ |
127.0 |
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|
1.7 |
% |
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$ |
13.0 |
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The 2016 Credit Agreement provides for aggregate credit facilities of $5,004.2 million, consisting of the following:
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Amount |
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Maturity |
(in millions) |
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Revolving Credit Facility (1) (2)
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$ |
1,150.0 |
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July 16, 2020 |
U.S. Term A Facility (1) (3)
|
1,192.1 |
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July 16, 2020 |
U.S. Term A-1 Facility (1) (3)
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238.9 |
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July 16, 2021 |
European Term A Facility (1) (3)
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1,340.7 |
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July 16, 2020 |
European Term A-1 Facility (1) (3)
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682.5 |
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March 10, 2021 |
European Term A-2 Facility (1) (3)
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400.0 |
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March 10, 2021 |
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$ |
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 February 28, 2017, information with respect to borrowings under the 2016 Credit Agreement is as follows:
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Revolving
Credit
Facility
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U.S.
Term A
Facility (1)
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U.S.
Term A-1
Facility (1)
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European
Term A
Facility (1)
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European
Term A-1
Facility (1)
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European
Term A-2
Facility (1)
|
(in millions) |
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Outstanding borrowings |
$ |
231.0 |
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$ |
1,169.1 |
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$ |
237.9 |
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$ |
1,316.7 |
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$ |
671.0 |
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$ |
392.8 |
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Interest rate |
2.3 |
% |
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2.3 |
% |
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2.5 |
% |
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2.3 |
% |
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2.3 |
% |
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2.3 |
% |
LIBOR margin |
1.5 |
% |
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1.5 |
% |
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1.75 |
% |
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1.5 |
% |
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1.5 |
% |
|
1.5 |
% |
Outstanding letters of credit |
$ |
16.7 |
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Remaining borrowing capacity |
$ |
902.3 |
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(1) |
Outstanding term loan facility borrowings are net of unamortized debt issuance costs |
Borrowings consist of the following:
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February 28, 2017 |
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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 |
$ |
231.0 |
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$ |
— |
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$ |
231.0 |
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$ |
92.0 |
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Other |
375.5 |
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— |
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|
375.5 |
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|
316.3 |
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$ |
606.5 |
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$ |
— |
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$ |
606.5 |
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$ |
408.3 |
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Long-term debt |
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Senior Credit Facility – Term Loans |
$ |
192.5 |
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$ |
3,595.0 |
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$ |
3,787.5 |
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$ |
2,856.8 |
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Senior Notes |
699.9 |
|
|
3,917.1 |
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|
4,617.0 |
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|
4,716.3 |
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Other |
18.5 |
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|
208.6 |
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|
227.1 |
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|
99.8 |
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$ |
910.9 |
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$ |
7,720.7 |
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$ |
8,631.6 |
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$ |
7,672.9 |
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| Required principal repayments under senior credit facility term loan obligations |
As of February 28, 2017, the required principal repayments of the term loans under the 2016 Credit Agreement (excluding unamortized debt issuance costs of $18.6 million) for each of the five succeeding fiscal years and thereafter are as follows:
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U.S.
Term A
Facility
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U.S.
Term A-1
Facility
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European
Term A
Facility
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European
Term A-1
Facility |
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European
Term A-2
Facility |
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Total |
(in millions) |
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2018 |
$ |
63.6 |
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$ |
2.4 |
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$ |
71.5 |
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$ |
35.0 |
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$ |
20.0 |
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$ |
192.5 |
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2019 |
63.6 |
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|
2.4 |
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|
71.5 |
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|
35.0 |
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|
20.0 |
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|
192.5 |
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2020 |
63.6 |
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|
2.4 |
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|
71.5 |
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|
35.0 |
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|
20.0 |
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|
192.5 |
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2021 |
985.4 |
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|
2.4 |
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|
1,108.3 |
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|
35.0 |
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|
20.0 |
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|
2,151.1 |
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2022 |
— |
|
|
228.7 |
|
|
— |
|
|
533.8 |
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|
315.0 |
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|
1,077.5 |
|
Thereafter |
— |
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|
— |
|
|
— |
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— |
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— |
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— |
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$ |
1,176.2 |
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$ |
238.3 |
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$ |
1,322.8 |
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$ |
673.8 |
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$ |
395.0 |
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$ |
3,806.1 |
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| Required principal repayments under long-term debt obligations |
As of February 28, 2017, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discount of $51.1 million and $0.5 million, respectively) for each of the five succeeding fiscal years and thereafter are as follows:
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(in millions) |
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2018 |
$ |
911.0 |
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2019 |
207.6 |
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2020 |
599.7 |
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2021 |
2,153.9 |
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2022 |
1,577.5 |
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Thereafter |
3,233.5 |
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|
$ |
8,683.2 |
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|