| Borrowings |
Borrowings consist of the following:
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November 30, 2017 |
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February 28, 2017 |
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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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Short-term borrowings |
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Senior credit facility, Revolving credit loans |
$ |
336.3 |
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$ |
231.0 |
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Commercial paper |
470.4 |
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— |
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Other |
406.1 |
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375.5 |
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$ |
1,212.8 |
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$ |
606.5 |
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Long-term debt |
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Senior credit facility, Term loans |
$ |
5.0 |
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$ |
493.8 |
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$ |
498.8 |
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$ |
3,787.5 |
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Senior notes |
— |
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7,386.8 |
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7,386.8 |
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4,617.0 |
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Other |
18.2 |
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233.6 |
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251.8 |
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227.1 |
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$ |
23.2 |
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$ |
8,114.2 |
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$ |
8,137.4 |
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$ |
8,631.6 |
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These senior note offerings consist of:
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Date of |
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Redemption |
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Principal |
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Maturity |
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Interest
Payments
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Stated
Redemption
Date
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Stated
Basis
Points
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(in millions, except basis points) |
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May 2017 Senior Notes |
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2.70% Senior Notes (1) (2)
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$ |
500.0 |
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May 2022 |
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May/Nov |
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April 2022 |
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15 |
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3.50% Senior Notes (1) (2)
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$ |
500.0 |
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May 2027 |
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May/Nov |
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February 2027 |
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20 |
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4.50% Senior Notes (1) (2)
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$ |
500.0 |
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May 2047 |
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May/Nov |
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November 2046 |
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25 |
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November 2017 Senior Notes |
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2.00% Senior Notes (1) (3)
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$ |
600.0 |
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November 2019 |
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May/Nov |
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November 2019 |
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10 |
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2.25% Senior Notes (1) (3)
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$ |
700.0 |
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November 2020 |
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May/Nov |
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November 2020 |
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10 |
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2.65% Senior Notes (1) (2)
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$ |
700.0 |
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November 2022 |
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May/Nov |
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October 2022 |
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15 |
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(1) |
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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(2) |
Redeemable, in whole or in part, at our option at any time prior to the stated redemption date as defined in the indenture, 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 the stated basis points as defined in the indenture. On or after the stated redemption date, 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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(3) |
Redeemable, in whole or in part, at our option at any time prior to maturity, 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 the stated basis points.
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Subsequent to this repayment, the 2017 Credit Agreement now provides for aggregate credit facilities of $2,000.0 million, consisting of the following:
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Amount |
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Maturity |
(in millions) |
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Revolving Credit Facility (1) (2)
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$ |
1,500.0 |
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July 14, 2022 |
U.S. Term A-1 Facility (1) (3)
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500.0 |
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July 14, 2024 |
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$ |
2,000.0 |
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(1) |
Contractual interest rate varies based on our debt rating (as defined in the 2017 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin. |
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(2) |
Consists of a $190.0 million U.S. Revolving Credit Facility and a $1,310.0 million European Revolving Credit Facility. We are the borrower under the $1,500.0 million Revolving Credit Facility (inclusive of the U.S. Revolving Credit Facility and the European Revolving Credit Facility). CIH and/or CB International are additional borrowers under the European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate.
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(3) |
We are the borrower under the U.S. Term A-1 loan facility. |
As of November 30, 2017, information with respect to borrowings under the 2017 Credit Agreement is as follows:
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Revolving
Credit
Facility
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U.S.
Term A-1
Facility (1)
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(in millions) |
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Outstanding borrowings |
$ |
336.3 |
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$ |
498.8 |
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Interest rate |
2.5 |
% |
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2.8 |
% |
LIBOR margin |
1.25 |
% |
|
1.55 |
% |
Outstanding letters of credit |
$ |
13.7 |
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Remaining borrowing capacity (2)
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$ |
679.3 |
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(1) |
Outstanding term loan facility borrowings are net of unamortized debt issuance costs. |
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(2) |
Net of outstanding revolving credit facility borrowings and outstanding letters of credit under the 2017 Credit Agreement and outstanding borrowings under our commercial paper program of $470.7 million (excluding unamortized discount) (see additional discussion below).
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As of November 30, 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
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(in millions) |
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CBI Facility |
$ |
266.8 |
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2.1 |
% |
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$ |
3.2 |
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Crown Facility |
$ |
138.9 |
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2.1 |
% |
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$ |
31.1 |
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| Required principal repayments under long-term debt obligations |
As of November 30, 2017, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $54.5 million and $9.9 million, respectively) for the remaining three months of fiscal 2018 and for each of the five succeeding fiscal years and thereafter are as follows:
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(in millions) |
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2018 |
$ |
4.4 |
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2019 |
23.5 |
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2020 |
1,015.7 |
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2021 |
711.3 |
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2022 |
507.1 |
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2023 |
1,805.0 |
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Thereafter |
4,134.8 |
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$ |
8,201.8 |
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