Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.19.2
Borrowings (Tables)
3 Months Ended
May 31, 2019
Debt Disclosure [Abstract]  
Borrowings

Borrowings consist of the following:
 
May 31, 2019
 
February 28,
2019
 
Current
 
Long-term
 
Total
 
Total
(in millions)
 
 
 
 
 
 
 
Short-term borrowings
 
 
 
 
 
 
 
Senior credit facility, Revolving credit loan
$
55.0

 
 
 


 
$
59.0

Commercial paper
531.4

 
 
 


 
732.5

 
$
586.4

 


 


 
$
791.5

 
 
 
 
 
 
 
 
Long-term debt
 
 
 
 
 
 
 
Senior credit facility, Term loan
$
5.0

 
$
486.6

 
$
491.6

 
$
492.8

Term loan credit facilities
50.0

 
1,424.1

 
1,474.1

 
1,486.4

Senior notes
998.6

 
9,822.1

 
10,820.7

 
10,816.9

Other
11.8

 
13.0

 
24.8

 
28.9

 
$
1,065.4

 
$
11,745.8

 
$
12,811.2

 
$
12,825.0


As of May 31, 2019, aggregate credit facilities under the 2018 Credit Agreement and the Term Credit Agreement consist of the following:
 
Amount
 
Maturity
 
 
Amount
 
Maturity
(in millions)
 
 
 
 
 
 
 
 
2018 Credit Agreement
 
 
 
 
Term Credit Agreement
 
 
 
Revolving Credit Facility (1) (2)
$
2,000.0

 
Sept 14, 2023
 
Three-Year Term Facility (1) (3)
$
500.0

 
Nov 1, 2021
U.S. Term A-1 Facility (1) (3)
500.0

 
July 14, 2024
 
Five-Year Term Facility (1) (3)
1,000.0

 
Nov 1, 2023
 
$
2,500.0

 
 
 
 
$
1,500.0

 
 
(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.
(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.
(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.
As of May 31, 2019, information with respect to borrowings under the 2018 Credit Agreement and the Term Credit Agreement is as follows:
 
2018 Credit Agreement
 
Term Credit Agreement
 
Revolving
Credit
Facility
 
U.S.
Term A-1
Facility (1)
 
Three-Year
Term
Facility (1)
 
Five-Year
Term
Facility (1)
(in millions)
 
 
 
 
 
 
 
Outstanding borrowings
$
55.0

 
$
491.6

 
$
499.6

 
$
974.5

Interest rate
3.6
%
 
4.0
%
 
3.6
%
 
3.7
%
LIBOR margin
1.13
%
 
1.50
%
 
1.13
%
 
1.25
%
Outstanding letters of credit
$
12.3

 
 
 
 
 
 
Remaining borrowing capacity (2)
$
1,400.6

 
 
 
 
 
 

(1) 
Outstanding term loan facility borrowings are net of unamortized debt issuance costs.
(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 $532.1 million (excluding unamortized discount) (see “Commercial paper program”).