Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.20.4
Borrowings (Tables)
 9 Months Ended
Nov. 30, 2020
Debt Disclosure [Abstract]  
Borrowings
Borrowings consist of the following:
November 30, 2020 February 29,
2020
Current Long-term Total Total
(in millions)
Short-term borrowings
Commercial paper $ 40.0  $ 238.9 
$ 40.0  $ 238.9 
Long-term debt
Term loan credit facilities $ 24.5  $ 436.0  $ 460.5  $ 1,295.7 
Senior notes 499.7  9,969.8  10,469.5  10,624.7 
Other 4.2  10.3  14.5  25.3 
$ 528.4  $ 10,416.1  $ 10,944.5  $ 11,945.7 
As of November 30, 2020, aggregate credit facilities under the 2020 Credit Agreement and the March 2020 Term Credit Agreement consist of the following:

Amount Maturity
(in millions)
2020 Credit Agreement
Revolving Credit Facility (1) (2)
$ 2,000.0  Sept 14, 2023
March 2020 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 2019 Five-Year Term Facility.
As of November 30, 2020, information with respect to borrowings under the 2020 Credit Agreement and the March 2020 Term Credit Agreement is as follows:
2020
Credit
Agreement		 March 2020
Term Credit
Agreement
Revolving
Credit
Facility
2019 Five-
Year Term
Facility (1)
(in millions)
Outstanding borrowings $ —  $ 460.5 
Interest rate —  % 1.0  %
LIBOR margin —  % 0.88  %
Outstanding letters of credit $ 11.8 
Remaining borrowing capacity (2)
$ 1,948.2 
(1)Outstanding term loan facilities borrowings are net of unamortized debt issuance costs.
(2)Net of outstanding revolving credit facility borrowings, outstanding letters of credit under the 2020 Credit Agreement, and outstanding borrowings under our commercial paper program of $40.0 million (excluding unamortized discount) (see “Commercial paper program”).
In April 2020, we issued $1,200.0 million aggregate principal amount of senior notes (the “April 2020 Senior Notes”). Proceeds from this offering, net of discount and debt issuance costs, were $1,183.3 million. The April 2020 Senior Notes consist of:
Date of Redemption
Principal Maturity Interest Payments Stated Redemption Rate Stated Basis Points
(in millions, except basis points)
2.875% Senior Notes (1) (2)
$ 600.0  May 2030 May/Nov Feb 2030 35 
3.75% Senior Notes (1) (2)
$ 600.0  May 2050 May/Nov Nov 2049 40 
(1)Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness.
(2)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 rate 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.
Schedule of maturities of long-term debt
As of November 30, 2020, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $63.1 million and $17.4 million, respectively) for the remaining three months of fiscal 2021 and for each of the five succeeding fiscal years and thereafter are as follows:
(in millions)
2021 $ 7.2 
2022 528.7 
2023 1,828.7 
2024 1,078.1 
2025 782.3 
2026 900.0 
Thereafter 5,900.0 
$ 11,025.0