| Borrowings |
The October 2018 Senior Notes 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 |
(in millions, except basis points)
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Senior Floating Rate Notes (1) (2)
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$ |
650.0 |
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Nov 2021 |
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Quarterly |
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4.40% Senior Notes (1) (3)
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$ |
500.0 |
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Nov 2025 |
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May/Nov |
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Sept 2025 |
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20 |
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4.65% Senior Notes (1) (3)
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$ |
500.0 |
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Nov 2028 |
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May/Nov |
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Aug 2028 |
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25 |
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5.25% Senior Notes (1) (3)
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$ |
500.0 |
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Nov 2048 |
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May/Nov |
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May 2048 |
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30 |
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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) |
Interest will accrue for each quarterly interest period at a rate equal to three-month LIBOR plus 0.70% per year as determined on the applicable interest determination date as defined in the indenture. Interest is payable quarterly in February, May, August and November. The notes are not redeemable prior to October 30, 2019. On or after this date, the notes are 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. |
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(3) |
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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As of November 30, 2018, information with respect to borrowings under the 2018 Credit Agreement and the Term Credit Agreement is as follows:
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2018 Credit Agreement |
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Term Credit Agreement |
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Revolving
Credit
Facility
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U.S.
Term A-1
Facility (1)
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Three-Year
Term
Facility (1)
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Five-Year
Term
Facility (1)
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(in millions) |
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Outstanding borrowings |
$ |
105.0 |
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$ |
494.0 |
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$ |
499.5 |
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$ |
999.4 |
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Interest rate |
3.4 |
% |
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3.8 |
% |
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3.4 |
% |
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3.5 |
% |
LIBOR margin |
1.13 |
% |
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1.50 |
% |
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1.13 |
% |
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1.25 |
% |
Outstanding letters of credit |
$ |
10.7 |
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Remaining borrowing capacity (2)
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$ |
1,257.2 |
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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 2018 Credit Agreement and outstanding borrowings under our commercial paper program of $627.1 million (excluding unamortized discount) (see “Commercial paper program”).
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Borrowings consist of the following:
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November 30, 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 |
$ |
105.0 |
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$ |
79.0 |
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Commercial paper |
626.5 |
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266.9 |
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Other |
— |
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400.9 |
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$ |
731.5 |
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$ |
746.8 |
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Long-term debt |
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Senior credit facility, Term loan |
$ |
5.0 |
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$ |
489.0 |
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$ |
494.0 |
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$ |
497.7 |
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Term loan credit facility |
50.0 |
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1,448.9 |
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1,498.9 |
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— |
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Senior notes |
997.0 |
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9,816.1 |
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10,813.1 |
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8,674.2 |
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Other |
13.6 |
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18.5 |
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32.1 |
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268.0 |
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$ |
1,065.6 |
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$ |
11,772.5 |
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$ |
12,838.1 |
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$ |
9,439.9 |
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As of November 30, 2018, aggregate credit facilities under the 2018 Credit Agreement and the Term Credit Agreement consist of the following:
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Amount |
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Maturity |
(in millions) |
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2018 Credit Agreement |
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Revolving Credit Facility (1) (2)
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$ |
2,000.0 |
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Sept 14, 2023 |
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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$ |
2,500.0 |
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Term Credit Agreement |
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Three-Year Term Facility (1) (3)
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$ |
500.0 |
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Nov 1, 2021 |
Five-Year Term Facility (1) (3)
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1,000.0 |
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Nov 1, 2023 |
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$ |
1,500.0 |
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(1) |
Contractual interest rate varies based on our debt rating (as defined in the respective 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) |
We and/or CB International are the borrower under the $2,000.0 million Revolving Credit Facility. Includes a sub-facility for letters of credit of up to $200.0 million.
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(3) |
We are the borrower under the U.S. Term A-1 loan facility, the Three-Year Term Facility and the Five-Year Term Facility. |
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| Required principal repayments under long-term obligations |
As of November 30, 2018, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $72.9 million and $16.1 million, respectively) for the remaining three months of fiscal 2019 and for each of the five succeeding fiscal years and thereafter are as follows:
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(in millions) |
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2019 |
$ |
16.6 |
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2020 |
1,068.5 |
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2021 |
764.1 |
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2022 |
1,710.1 |
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2023 |
1,856.6 |
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2024 |
1,842.5 |
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Thereafter |
5,668.7 |
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$ |
12,927.1 |
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