As of August 31, 2018, information with respect to borrowings under the August 2018 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 |
$ |
56.0 |
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$ |
495.2 |
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Interest rate |
3.2 |
% |
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3.6 |
% |
LIBOR margin |
1.13 |
% |
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1.50 |
% |
Outstanding letters of credit |
$ |
10.8 |
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Remaining borrowing capacity (2)
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$ |
780.2 |
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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 August 2018 Credit Agreement and outstanding borrowings under our commercial paper program of $653.0 million (excluding unamortized discount) (see “Commercial paper program”).
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As of August 31, 2018, the August 2018 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)
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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 August 2018 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin, or, in certain circumstances where LIBOR cannot be adequately ascertained or available, an alternative benchmark 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). CB International is an additional borrower 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. |
Borrowings consist of the following:
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August 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 |
$ |
56.0 |
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$ |
79.0 |
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Commercial paper |
652.1 |
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266.9 |
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Other |
9.0 |
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|
400.9 |
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$ |
717.1 |
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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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$ |
490.2 |
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$ |
495.2 |
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$ |
497.7 |
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Senior notes |
— |
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8,680.7 |
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8,680.7 |
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8,674.2 |
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Other |
13.9 |
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16.7 |
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30.6 |
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268.0 |
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$ |
18.9 |
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$ |
9,187.6 |
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$ |
9,206.5 |
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$ |
9,439.9 |
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