|
As of August 31, 2019, information with respect to borrowings under the 2018 Credit Agreement, the Term Credit Agreement, and the 2019 Term Credit Agreement is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 Credit Agreement |
|
Term Credit
Agreement
|
|
2019 Term Credit Agreement |
|
Revolving
Credit
Facility
|
|
Three-Year
Term
Facility (1)
|
|
Five-Year
Term
Facility (1) (2)
|
|
2019 Five-Year Term Facility (1)
|
(in millions) |
|
|
|
|
|
|
|
Outstanding borrowings |
$ |
— |
|
|
$ |
499.6 |
|
|
$ |
562.0 |
|
|
$ |
491.3 |
|
Interest rate |
— |
% |
|
3.4 |
% |
|
3.5 |
% |
|
3.1 |
% |
LIBOR margin |
1.13 |
% |
|
1.13 |
% |
|
1.25 |
% |
|
0.88 |
% |
Outstanding letters of credit |
$ |
12.2 |
|
|
|
|
|
|
|
Remaining borrowing capacity (3)
|
$ |
1,836.8 |
|
|
|
|
|
|
|
|
|
(1) |
Outstanding term loan facilities borrowings are net of unamortized debt issuance costs. |
|
|
(2) |
Outstanding borrowings reflect a $400.0 million partial repayment of the Five-Year Term Facility under our Term Credit Agreement.
|
(3)
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 $151.0 million (excluding unamortized discount) (see “Commercial paper program”).
As of August 31, 2019, aggregate credit facilities under the 2018 Credit Agreement, the Term Credit Agreement, and the 2019 Term Credit Agreement consist of the following:
|
|
|
|
|
|
|
|
Amount |
|
Maturity |
(in millions) |
|
|
|
2018 Credit Agreement |
|
|
|
Revolving Credit Facility (1) (2)
|
$ |
2,000.0 |
|
|
Sept 14, 2023 |
|
|
|
|
Term Credit Agreement |
|
|
|
Three-Year Term Facility (1) (3)
|
$ |
500.0 |
|
|
Nov 1, 2021 |
Five-Year Term Facility (1) (3)
|
$ |
1,000.0 |
|
|
Nov 1, 2023 |
|
$ |
1,500.0 |
|
|
|
2019 Term Credit Agreement |
|
|
|
2019 Five-Year Term Facility (1) (3)
|
$ |
491.3 |
|
|
Jun 28, 2024 |
|
|
(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 Three-Year Term Facility, the Five-Year Term Facility, and the 2019 Five-Year Term Facility.
Borrowings consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2019 |
|
February 28,
2019 |
|
Current |
|
Long-term |
|
Total |
|
Total |
(in millions) |
|
|
|
|
|
|
|
Short-term borrowings |
|
|
|
|
|
|
|
Senior credit facility, Revolving credit loan |
$ |
— |
|
|
|
|
|
|
|
$ |
59.0 |
|
Commercial paper |
150.9 |
|
|
|
|
|
|
|
732.5 |
|
|
$ |
150.9 |
|
|
|
|
|
|
|
|
$ |
791.5 |
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
|
Senior credit facility, Term loan |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
492.8 |
|
Term loan credit facilities |
24.6 |
|
|
1,528.3 |
|
|
1,552.9 |
|
|
1,486.4 |
|
Senior notes |
599.6 |
|
|
10,618.2 |
|
|
11,217.8 |
|
|
10,816.9 |
|
Other |
11.9 |
|
|
13.3 |
|
|
25.2 |
|
|
28.9 |
|
|
$ |
636.1 |
|
|
$ |
12,159.8 |
|
|
$ |
12,795.9 |
|
|
$ |
12,825.0 |
|
|