Borrowings consist of the following:
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May 31, 2018 |
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February 28,
2018 |
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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 |
$ |
138.0 |
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|
$ |
79.0 |
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Commercial paper |
239.7 |
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|
266.9 |
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Other |
292.0 |
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|
|
|
400.9 |
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|
$ |
669.7 |
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|
$ |
746.8 |
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Long-term debt |
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Senior credit facility, Term loans |
$ |
5.0 |
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|
$ |
491.4 |
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|
$ |
496.4 |
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|
$ |
497.7 |
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Senior notes |
— |
|
|
8,677.5 |
|
|
8,677.5 |
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|
8,674.2 |
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Other |
15.9 |
|
|
247.5 |
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|
263.4 |
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|
268.0 |
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|
$ |
20.9 |
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|
$ |
9,416.4 |
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|
$ |
9,437.3 |
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|
$ |
9,439.9 |
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As of May 31, 2018, the 2017 Credit Agreement provides for aggregate credit facilities of $2,000.0 million, consisting of the following:
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Amount |
|
Maturity |
(in millions) |
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Revolving Credit Facility (1) (2)
|
$ |
1,500.0 |
|
|
July 14, 2022 |
U.S. Term A-1 Facility (1) (3)
|
500.0 |
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|
July 14, 2024 |
|
$ |
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 May 31, 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 |
$ |
207.6 |
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|
2.8 |
% |
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$ |
52.4 |
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Crown Facility |
$ |
68.7 |
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|
2.8 |
% |
|
$ |
181.3 |
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As of May 31, 2018, information with respect to borrowings under the 2017 Credit Agreement is as follows:
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Revolving
Credit
Facility
|
|
U.S.
Term A-1
Facility (1)
|
(in millions) |
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Outstanding borrowings |
$ |
138.0 |
|
|
$ |
496.4 |
|
Interest rate |
3.1 |
% |
|
3.4 |
% |
LIBOR margin |
1.13 |
% |
|
1.50 |
% |
Outstanding letters of credit |
$ |
10.9 |
|
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|
Remaining borrowing capacity (2)
|
$ |
1,111.1 |
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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 $240.0 million (excluding unamortized discount) (see “Commercial paper program”).
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