| Borrowings |
As of February 29, 2020, 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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$ |
317.1 |
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$ |
479.0 |
|
Interest rate |
— |
% |
|
2.8 |
% |
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2.9 |
% |
|
2.5 |
% |
LIBOR margin |
1.13 |
% |
|
1.13 |
% |
|
1.25 |
% |
|
0.88 |
% |
Outstanding letters of credit |
$ |
11.8 |
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Remaining borrowing capacity (3)
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$ |
1,749.2 |
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(1) |
Outstanding term loan facility borrowings are net of unamortized debt issuance costs. |
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(2) |
Outstanding borrowings reflect a $645.0 million partial prepayment 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 $239.0 million (excluding unamortized discount) (see “Commercial paper program”).
Our outstanding senior notes are as follows:
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Date of |
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Outstanding Balance (1)
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Principal |
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Issuance |
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Maturity |
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Interest
Payments
|
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February 29,
2020 |
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February 28,
2019 |
(in millions) |
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3.75% Senior Notes (2) (3)
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$ |
500.0 |
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May 2013 |
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May 2021 |
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May/Nov |
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$ |
499.2 |
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$ |
498.6 |
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4.25% Senior Notes (2) (3)
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$ |
1,050.0 |
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May 2013 |
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May 2023 |
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May/Nov |
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1,046.4 |
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1,045.4 |
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3.875% Senior Notes (2) (4)
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$ |
400.0 |
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Nov 2014 |
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Nov 2019 |
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May/Nov |
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— |
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399.1 |
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4.75% Senior Notes (2) (3)
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$ |
400.0 |
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Nov 2014 |
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Nov 2024 |
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May/Nov |
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397.0 |
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|
396.4 |
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4.75% Senior Notes (2) (3)
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$ |
400.0 |
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Dec 2015 |
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Dec 2025 |
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Jun/Dec |
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396.3 |
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395.8 |
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3.70% Senior Notes (2) (5)
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$ |
600.0 |
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Dec 2016 |
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Dec 2026 |
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Jun/Dec |
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595.9 |
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595.4 |
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2.70% Senior Notes (2) (5)
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$ |
500.0 |
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May 2017 |
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May 2022 |
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May/Nov |
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497.8 |
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496.8 |
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3.50% Senior Notes (2) (5)
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$ |
500.0 |
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May 2017 |
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May 2027 |
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May/Nov |
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496.1 |
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495.6 |
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4.50% Senior Notes (2) (5)
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$ |
500.0 |
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May 2017 |
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May 2047 |
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May/Nov |
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493.0 |
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492.9 |
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2.00% Senior Notes (2) (6)
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$ |
600.0 |
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Nov 2017 |
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Nov 2019 |
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May/Nov |
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— |
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|
598.6 |
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2.25% Senior Notes (2) (6)
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$ |
700.0 |
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Nov 2017 |
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Nov 2020 |
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May/Nov |
|
698.7 |
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|
696.8 |
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2.65% Senior Notes (2) (5)
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$ |
700.0 |
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Nov 2017 |
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Nov 2022 |
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May/Nov |
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695.5 |
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|
693.9 |
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3.20% Senior Notes (2) (5)
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$ |
600.0 |
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Feb 2018 |
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Feb 2023 |
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Feb/Aug |
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597.0 |
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596.0 |
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3.60% Senior Notes (2) (5)
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$ |
700.0 |
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Feb 2018 |
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Feb 2028 |
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Feb/Aug |
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694.3 |
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693.8 |
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4.10% Senior Notes (2) (5)
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$ |
600.0 |
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Feb 2018 |
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Feb 2048 |
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Feb/Aug |
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592.1 |
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592.0 |
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Senior Floating Rate Notes (2) (7)
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$ |
650.0 |
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Oct 2018 |
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Nov 2021 |
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Quarterly |
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647.9 |
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646.8 |
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4.40% Senior Notes (2) (5)
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$ |
500.0 |
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Oct 2018 |
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Nov 2025 |
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May/Nov |
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496.0 |
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|
495.4 |
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4.65% Senior Notes (2) (5)
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$ |
500.0 |
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Oct 2018 |
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Nov 2028 |
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May/Nov |
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495.2 |
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|
494.7 |
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5.25% Senior Notes (2) (5)
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$ |
500.0 |
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Oct 2018 |
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Nov 2048 |
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May/Nov |
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493.0 |
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492.9 |
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3.15% Senior Notes (2) (5)
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$ |
800.0 |
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Jul 2019 |
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Aug 2029 |
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Feb/Aug |
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793.3 |
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— |
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$ |
10,624.7 |
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$ |
10,816.9 |
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(1) |
Amounts are net of unamortized debt issuance costs and unamortized discounts, where applicable. |
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(2) |
Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness. Guaranteed under our 2018 Credit Facility by certain of our U.S. subsidiaries on a senior unsecured basis. |
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(3) |
Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points.
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(4) |
Redeemed prior to maturity in August 2019 at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment of $1.5 million. The make-whole payment is included in loss on extinguishment of debt.
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(5) |
Redeemable, in whole or in part, at our option at any time prior to the stated redemption date as defined in the indenture, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus the stated basis points as defined in the indenture. On or after the stated redemption date, redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest.
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Redemption |
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Stated
Redemption
Date
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Stated
Basis
Points
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3.70% Senior Notes due December 2026 |
Sept 2026 |
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25 |
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2.70% Senior Notes due May 2022 |
Apr 2022 |
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15 |
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3.50% Senior Notes due May 2027 |
Feb 2027 |
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20 |
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4.50% Senior Notes due May 2047 |
Nov 2046 |
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25 |
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2.65% Senior Notes due November 2022 |
Oct 2022 |
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15 |
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3.20% Senior Notes due February 2023 |
Jan 2023 |
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13 |
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3.60% Senior Notes due February 2028 |
Nov 2027 |
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15 |
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4.10% Senior Notes due February 2048 |
Aug 2047 |
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20 |
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4.40% Senior Notes due November 2025 |
Sept 2025 |
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20 |
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4.65% Senior Notes due November 2028 |
Aug 2028 |
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25 |
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5.25% Senior Notes due November 2048 |
May 2048 |
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30 |
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3.15% Senior Notes due August 2029 |
May 2029 |
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20 |
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(6) |
Redeemable, in whole or in part, at our option at any time prior to maturity, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 10 basis points.
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(7)
Interest will accrue for each quarterly interest period at a rate equal to three-month LIBOR plus 0.70% per year as determined on the applicable interest determination date as defined in the indenture. Interest is payable quarterly in February, May, August, and November. The notes are redeemable, in whole or in part, at our option at any time prior to maturity, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest.
As of February 29, 2020, 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.
Borrowings consist of the following:
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February 29, 2020 |
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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 |
238.9 |
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|
732.5 |
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$ |
238.9 |
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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 |
24.5 |
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1,271.2 |
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1,295.7 |
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1,486.4 |
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Senior notes |
698.7 |
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|
9,926.0 |
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10,624.7 |
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10,816.9 |
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Other |
11.7 |
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13.6 |
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25.3 |
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28.9 |
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$ |
734.9 |
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$ |
11,210.8 |
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$ |
11,945.7 |
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$ |
12,825.0 |
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