Current report filing

Borrowings (Tables)

v3.8.0.1
Borrowings (Tables)
12 Months Ended
Feb. 28, 2017
Debt Disclosure [Abstract]  
Borrowings
Our outstanding senior notes are as follows:
 
Date of
 
 
 
Outstanding Balance (1)
 
Issuance
 
Maturity
 
Interest
Payments
 
Principal
 
February 28,
2017
 
February 29,
2016
(in millions)
 
 
 
 
 
 
 
 
 
 
 
7.25% Senior Notes (2) (3)
August 2006
 
September 2016
 
Mar/Sept
 
$
700.0

 
$

 
$
699.0

7.25% Senior Notes (2) (3) (4)
January 2008
 
May 2017
 
May/Nov
 
$
700.0

 
$
699.9

 
$
699.0

6% Senior Notes (2) (3)
April 2012
 
May 2022
 
May/Nov
 
$
600.0

 
$
594.9

 
$
594.1

3.75% Senior Notes (2) (3)
May 2013
 
May 2021
 
May/Nov
 
$
500.0

 
$
497.4

 
$
496.8

4.25% Senior Notes (2) (3)
May 2013
 
May 2023
 
May/Nov
 
$
1,050.0

 
$
1,043.4

 
$
1,042.5

3.875% Senior Notes (2) (3)
November 2014
 
November 2019
 
May/Nov
 
$
400.0

 
$
396.8

 
$
395.7

4.75% Senior Notes (2) (3)
November 2014
 
November 2024
 
May/Nov
 
$
400.0

 
$
395.4

 
$
394.9

4.75% Senior Notes (2) (3)
December 2015
 
December 2025
 
June/Dec
 
$
400.0

 
$
394.8

 
$
394.3

3.70% Senior Notes (2) (5)
December 2016
 
December 2026
 
June/Dec
 
$
600.0

 
$
594.4

 
$

(1) 
Amounts are net of unamortized discounts, where applicable, and debt issuance costs.
(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.
(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.
(4) 
Issued in exchange for notes originally issued in May 2007.
(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.
As of February 28, 2017, our accounts receivable securitization facilities are as follows:
 
Outstanding Borrowings
 
Weighted Average Interest Rate
 
Remaining Borrowing Capacity
(in millions)
 
 
 
 
 
CBI Facility
$
206.1

 
1.7
%
 
$
88.9

Crown Facility
$
127.0

 
1.7
%
 
$
13.0

The 2016 Credit Agreement provides for aggregate credit facilities of $5,004.2 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)
1,192.1

 
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

 
March 10, 2021
 
$
5,004.2

 
 
(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.
(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.
(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:
 
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)
 
 
 
 
 
 
 
 
 
 
 
Outstanding borrowings
$
231.0

 
$
1,169.1

 
$
237.9

 
$
1,316.7

 
$
671.0

 
$
392.8

Interest rate
2.3
%
 
2.3
%
 
2.5
%
 
2.3
%
 
2.3
%
 
2.3
%
LIBOR margin
1.5
%
 
1.5
%
 
1.75
%
 
1.5
%
 
1.5
%
 
1.5
%
Outstanding letters of credit
$
16.7

 
 
 
 
 
 
 
 
 
 
Remaining borrowing capacity
$
902.3

 
 
 
 
 
 
 
 
 
 

(1) 
Outstanding term loan facility borrowings are net of unamortized debt issuance costs
Borrowings consist of the following:
 
February 28, 2017
 
February 29,
2016
 
Current
 
Long-term
 
Total
 
Total
(in millions)
 
 
 
 
 
 
 
Notes payable to banks
 
 
 
 
 
 
 
Senior Credit Facility – Revolving Credit Loans
$
231.0

 
$

 
$
231.0

 
$
92.0

Other
375.5

 

 
375.5

 
316.3

 
$
606.5

 
$

 
$
606.5

 
$
408.3

Long-term debt
 
 
 
 
 
 
 
Senior Credit Facility – Term Loans
$
192.5

 
$
3,595.0

 
$
3,787.5

 
$
2,856.8

Senior Notes
699.9

 
3,917.1

 
4,617.0

 
4,716.3

Other
18.5

 
208.6

 
227.1

 
99.8

 
$
910.9

 
$
7,720.7

 
$
8,631.6

 
$
7,672.9

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:
 
U.S.
Term A
Facility
 
U.S.
Term A-1
Facility
 
European
Term A
Facility
 
European
Term A-1
Facility
 
European
Term A-2
Facility
 
Total
(in millions)
 
 
 
 
 
 
 
 
 
 
 
2018
$
63.6

 
$
2.4

 
$
71.5

 
$
35.0

 
$
20.0

 
$
192.5

2019
63.6

 
2.4

 
71.5

 
35.0

 
20.0

 
192.5

2020
63.6

 
2.4

 
71.5

 
35.0

 
20.0

 
192.5

2021
985.4

 
2.4

 
1,108.3

 
35.0

 
20.0

 
2,151.1

2022

 
228.7

 

 
533.8

 
315.0

 
1,077.5

Thereafter

 

 

 

 

 

 
$
1,176.2

 
$
238.3

 
$
1,322.8

 
$
673.8


$
395.0

 
$
3,806.1

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:
(in millions)
 
2018
$
911.0

2019
207.6

2020
599.7

2021
2,153.9

2022
1,577.5

Thereafter
3,233.5

 
$
8,683.2