| Borrowings |
Borrowings consist of the following:
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February 28, 2018 |
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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 |
$ |
79.0 |
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$ |
231.0 |
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Commercial paper |
266.9 |
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— |
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Other |
400.9 |
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375.5 |
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$ |
746.8 |
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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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$ |
492.7 |
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$ |
497.7 |
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$ |
3,787.5 |
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Senior notes |
— |
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8,674.2 |
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8,674.2 |
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4,617.0 |
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Other |
17.3 |
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250.7 |
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268.0 |
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227.1 |
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$ |
22.3 |
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$ |
9,417.6 |
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$ |
9,439.9 |
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$ |
8,631.6 |
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As of February 28, 2018, 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 |
$ |
79.0 |
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|
$ |
497.7 |
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Interest rate |
2.9 |
% |
|
3.1 |
% |
LIBOR margin |
1.25 |
% |
|
1.55 |
% |
Outstanding letters of credit |
$ |
13.7 |
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Remaining borrowing capacity (2)
|
$ |
1,140.3 |
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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 $267.0 million (excluding unamortized discount) (see “Commercial paper program”).
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As of February 28, 2018, 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 |
$ |
246.9 |
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2.4 |
% |
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$ |
13.1 |
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Crown Facility |
$ |
145.0 |
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2.4 |
% |
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$ |
— |
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Our outstanding senior notes are as follows:
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Date of |
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Outstanding Balance (1)
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Principal |
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Issuance |
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Maturity |
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Interest
Payments
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February 28, 2018 |
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February 28, 2017 |
(in millions) |
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7.25% Senior Notes (2)
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$ |
700.0 |
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Jan 2008 |
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May 2017 |
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May/Nov |
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$ |
— |
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$ |
699.9 |
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6.00% Senior Notes (2) (3)
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$ |
600.0 |
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Apr 2012 |
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May 2022 |
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May/Nov |
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— |
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|
594.9 |
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3.75% Senior Notes (2) (4)
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$ |
500.0 |
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May 2013 |
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May 2021 |
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May/Nov |
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498.0 |
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|
497.4 |
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4.25% Senior Notes (2) (4)
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$ |
1,050.0 |
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May 2013 |
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May 2023 |
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May/Nov |
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1,044.4 |
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1,043.4 |
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3.875% Senior Notes (2) (4)
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$ |
400.0 |
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Nov 2014 |
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Nov 2019 |
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May/Nov |
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397.9 |
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|
396.8 |
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4.75% Senior Notes (2) (4)
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$ |
400.0 |
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Nov 2014 |
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Nov 2024 |
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May/Nov |
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395.9 |
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395.4 |
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4.75% Senior Notes (2) (4)
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$ |
400.0 |
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Dec 2015 |
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Dec 2025 |
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Jun/Dec |
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395.3 |
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394.8 |
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3.70% Senior Notes (2) (5)
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$ |
600.0 |
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Dec 2016 |
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Dec 2026 |
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Jun/Dec |
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594.9 |
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594.4 |
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2.70% Senior Notes (2) (5)
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$ |
500.0 |
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May 2017 |
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May 2022 |
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May/Nov |
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495.9 |
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— |
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3.50% Senior Notes (2) (5)
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$ |
500.0 |
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May 2017 |
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May 2027 |
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May/Nov |
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495.1 |
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— |
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4.50% Senior Notes (2) (5)
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$ |
500.0 |
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May 2017 |
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May 2047 |
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May/Nov |
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492.7 |
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— |
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2.00% Senior Notes (2) (6)
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$ |
600.0 |
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Nov 2017 |
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Nov 2019 |
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May/Nov |
|
596.8 |
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— |
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2.25% Senior Notes (2) (6)
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$ |
700.0 |
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Nov 2017 |
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Nov 2020 |
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May/Nov |
|
695.0 |
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— |
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2.65% Senior Notes (2) (5)
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$ |
700.0 |
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Nov 2017 |
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Nov 2022 |
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May/Nov |
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692.3 |
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— |
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3.20% Senior Notes (2) (5)
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$ |
600.0 |
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Feb 2018 |
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Feb 2023 |
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Feb/Aug |
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595.0 |
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— |
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3.60% Senior Notes (2) (5)
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$ |
700.0 |
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Feb 2018 |
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Feb 2028 |
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Feb/Aug |
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693.2 |
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— |
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4.10% Senior Notes (2) (5)
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$ |
600.0 |
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Feb 2018 |
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Feb 2048 |
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Feb/Aug |
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591.8 |
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— |
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$ |
8,674.2 |
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$ |
4,617.0 |
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(1) |
Amounts are net of unamortized debt issuance costs and unamortized discounts, where applicable. |
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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) |
Redeemed prior to maturity in February 2018 at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment of $73.6 million. The make-whole payment is included in loss on extinguishment of debt.
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(4) |
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 and 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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(5) |
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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Redemption |
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Stated
Redemption
Date
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Stated
Basis
Points
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3.70% Senior Notes due December 2026 |
Sept 2026 |
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25 |
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2.70% Senior Notes due May 2022 |
Apr 2022 |
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15 |
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3.50% Senior Notes due May 2027 |
Feb 2027 |
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20 |
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4.50% Senior Notes due May 2047 |
Nov 2046 |
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25 |
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2.65% Senior Notes due November 2022 |
Oct 2022 |
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15 |
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3.20% Senior Notes due February 2023 |
Jan 2023 |
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13 |
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3.60% Senior Notes due February 2028 |
Nov 2027 |
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15 |
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4.10% Senior Notes due February 2048 |
Aug 2047 |
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20 |
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(6) |
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 10 basis points.
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Accordingly, as of February 28, 2018, the 2017 Credit Agreement 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)
|
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. |
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| Required principal repayments under long-term debt obligations |
As of February 28, 2018, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $63.6 million and $13.3 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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2019 |
$ |
22.3 |
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2020 |
1,016.1 |
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2021 |
711.6 |
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2022 |
507.5 |
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2023 |
1,805.0 |
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Thereafter |
5,454.3 |
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$ |
9,516.8 |
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