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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:
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2018 Credit Agreement |
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Term Credit
Agreement
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2019 Term Credit Agreement |
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Revolving
Credit
Facility
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Three-Year
Term
Facility (1)
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Five-Year
Term
Facility (1) (2)
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2019 Five-Year Term Facility (1)
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(in millions) |
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Outstanding borrowings |
$ |
— |
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$ |
499.6 |
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$ |
442.1 |
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$ |
485.1 |
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Interest rate |
— |
% |
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2.9 |
% |
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3.0 |
% |
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2.7 |
% |
LIBOR margin |
1.13 |
% |
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1.13 |
% |
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1.25 |
% |
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0.88 |
% |
Outstanding letters of credit |
$ |
11.8 |
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Remaining borrowing capacity (3)
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$ |
1,706.2 |
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(1) |
Outstanding term loan facilities borrowings are net of unamortized debt issuance costs. |
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(2) |
Outstanding borrowings reflect a $520.0 million partial repayment of the Five-Year Term Facility under our Term Credit Agreement.
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(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:
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November 30, 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 |
$ |
— |
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$ |
59.0 |
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Commercial paper |
281.5 |
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732.5 |
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$ |
281.5 |
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$ |
791.5 |
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Long-term debt |
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Senior credit facility, Term loan |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
492.8 |
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Term loan credit facilities |
24.6 |
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1,402.2 |
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1,426.8 |
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1,486.4 |
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Senior notes |
698.2 |
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9,923.2 |
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10,621.4 |
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10,816.9 |
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Other |
12.0 |
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14.3 |
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26.3 |
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28.9 |
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$ |
734.8 |
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$ |
11,339.7 |
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$ |
12,074.5 |
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$ |
12,825.0 |
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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:
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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 |
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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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2019 Term Credit Agreement |
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2019 Five-Year Term Facility (1) (3)
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$ |
491.3 |
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Jun 28, 2024 |
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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 Three-Year Term Facility, the Five-Year Term Facility, and the 2019 Five-Year Term Facility.
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