Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.22.2
Borrowings (Tables)
 3 Months Ended
May 31, 2022
Debt Disclosure [Abstract]  
Borrowings
Borrowings consist of the following:
May 31, 2022 February 28,
2022
Current Long-term Total Total
(in millions)
Short-term borrowings
Commercial paper $ 124.0  $ 323.0 
$ 124.0  $ 323.0 
Long-term debt
Term loan credit facilities $ —  $ 300.0  $ 300.0  $ 300.0 
Senior notes 567.4  9,965.7  10,533.1  9,773.6 
Other 7.7  12.5  20.2  19.9 
$ 575.1  $ 10,278.2  $ 10,853.3  $ 10,093.5 
As of May 31, 2022, aggregate credit facilities under the 2022 Credit Agreement and the 2022 Term Credit Agreement consist of the following:
Amount Maturity
(in millions)
2022 Credit Agreement
Revolving credit facility (1) (2)
$ 2,250.0  Apr 14, 2027
2022 Term Credit Agreement
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 SOFR plus a margin and a credit spread adjustment, or the base rate plus a margin, or, in certain circumstances where SOFR cannot be adequately ascertained or available, an alternative benchmark rate plus a margin.
(2)We and/or CB International are the borrower under the $2,250.0 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 Five-Year Term Facility.

As of May 31, 2022, information with respect to borrowings under the 2022 Credit Agreement and the 2022 Term Credit Agreement is as follows:
Outstanding
borrowings		 Interest
rate		 SOFR
margin		 Outstanding
letters of
credit
Remaining
borrowing
capacity (1)
(in millions)
2022 Credit Agreement
Revolving credit facility $ —  —  % —  % $ 12.0  $ 2,114.0 
2022 Term Credit Agreement
Five-Year Term Facility $ 300.0  1.7  % 0.88  %
(1)Net of outstanding revolving credit facility borrowings and outstanding letters of credit under the 2022 Credit Agreement and outstanding borrowings under our commercial paper program of $124.0 million (excluding unamortized discount) (see “Commercial paper program” below).
The May 2022 Senior Notes consist of:
Date of Redemption
Principal Maturity Interest Payments Stated Redemption Date Stated Basis Points
(in millions, except basis points)
3.60% Senior Notes (1)
$ 550.0  May 2024 May/Nov
(2)
 15
4.35% Senior Notes (1) (3)
$ 600.0  May 2027 May/Nov Apr 2027 25
4.75% Senior Notes (1) (3)
$ 700.0  May 2032 May/Nov Feb 2032 30
(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 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 applicable treasury rate plus the stated basis points.
(3)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 applicable 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 May 31, 2022, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $63.6 million and $21.3 million, respectively) for the remaining nine months of Fiscal 2023 and for each of the five succeeding fiscal years and thereafter are as follows:
(in millions)
Fiscal 2023 (1)
$ 574.1 
Fiscal 2024 7.0 
Fiscal 2025 1,254.0 
Fiscal 2026 902.1 
Fiscal 2027 600.9 
Fiscal 2028 1,800.0 
Thereafter 5,800.1 
$ 10,938.2 
(1)Includes $568.0 million remaining principal amount of the 3.20% February 2018 Senior Notes and 4.25% May 2013 Senior Notes, fully redeemed in June 2022.