Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.19.3.a.u2
Borrowings (Tables)
9 Months Ended
Nov. 30, 2019
Debt Disclosure [Abstract]  
Borrowings
As of November 30, 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

 
$
442.1

 
$
485.1

Interest rate
%
 
2.9
%
 
3.0
%
 
2.7
%
LIBOR margin
1.13
%
 
1.13
%
 
1.25
%
 
0.88
%
Outstanding letters of credit
$
11.8

 
 
 
 
 
 
Remaining borrowing capacity (3)
$
1,706.2

 
 
 
 
 
 

(1) 
Outstanding term loan facilities borrowings are net of unamortized debt issuance costs.
(2) 
Outstanding borrowings reflect a $520.0 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 $282.0 million (excluding unamortized discount) (see “Commercial paper program”).

Borrowings consist of the following:
 
November 30, 2019
 
February 28,
2019
 
Current
 
Long-term
 
Total
 
Total
(in millions)
 
 
 
 
 
 
 
Short-term borrowings
 
 
 
 
 
 
 
Senior credit facility, Revolving credit loan
$

 
 
 


 
$
59.0

Commercial paper
281.5

 
 
 


 
732.5

 
$
281.5

 


 


 
$
791.5

 
 
 
 
 
 
 
 
Long-term debt
 
 
 
 
 
 
 
Senior credit facility, Term loan
$

 
$

 
$

 
$
492.8

Term loan credit facilities
24.6

 
1,402.2

 
1,426.8

 
1,486.4

Senior notes
698.2

 
9,923.2

 
10,621.4

 
10,816.9

Other
12.0

 
14.3

 
26.3

 
28.9

 
$
734.8

 
$
11,339.7

 
$
12,074.5

 
$
12,825.0


As of November 30, 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.
Schedule of maturities of long-term debt
As of November 30, 2019, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $65.3 million and $14.1 million, respectively) for the remaining three months of fiscal 2020 and for each of the five succeeding fiscal years and thereafter are as follows:
(in millions)
 
2020
$
9.3

2021
735.7

2022
1,681.7

2023
1,828.3

2024
1,518.2

2025
780.7

Thereafter
5,600.0

 
$
12,153.9