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Borrowings consist of the following:
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May 31, 2019 |
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February 28,
2019 |
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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 loan |
$ |
55.0 |
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$ |
59.0 |
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Commercial paper |
531.4 |
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|
732.5 |
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$ |
586.4 |
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$ |
791.5 |
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Long-term debt |
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Senior credit facility, Term loan |
$ |
5.0 |
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|
$ |
486.6 |
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|
$ |
491.6 |
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$ |
492.8 |
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Term loan credit facilities |
50.0 |
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|
1,424.1 |
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1,474.1 |
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1,486.4 |
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Senior notes |
998.6 |
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|
9,822.1 |
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10,820.7 |
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10,816.9 |
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Other |
11.8 |
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13.0 |
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24.8 |
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28.9 |
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$ |
1,065.4 |
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$ |
11,745.8 |
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$ |
12,811.2 |
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$ |
12,825.0 |
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As of May 31, 2019, 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 |
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Amount |
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Maturity |
(in millions) |
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2018 Credit Agreement |
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Term Credit Agreement |
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Revolving Credit Facility (1) (2)
|
$ |
2,000.0 |
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Sept 14, 2023 |
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Three-Year Term Facility (1) (3)
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$ |
500.0 |
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Nov 1, 2021 |
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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Five-Year Term Facility (1) (3)
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1,000.0 |
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Nov 1, 2023 |
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$ |
2,500.0 |
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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.
As of May 31, 2019, 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 |
$ |
55.0 |
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$ |
491.6 |
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$ |
499.6 |
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$ |
974.5 |
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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 |
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Remaining borrowing capacity (2)
|
$ |
1,400.6 |
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(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”).
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