As of November 30, 2015, information with respect to borrowings under the 2015 Credit Agreement is as follows:
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Revolving
Credit
Facility
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U.S.
Term A
Facility
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U.S.
Term A-1
Facility
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European
Term A
Facility
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(in millions, except percentage data) |
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Outstanding borrowings |
$ |
— |
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$ |
1,255.7 |
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$ |
241.3 |
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$ |
1,412.2 |
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Interest rate |
— |
% |
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1.7 |
% |
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1.9 |
% |
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1.7 |
% |
Libor margin |
1.5 |
% |
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1.5 |
% |
|
1.75 |
% |
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1.5 |
% |
Outstanding letters of credit |
$ |
15.9 |
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Remaining borrowing capacity |
$ |
1,134.1 |
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As of November 30, 2015, our accounts receivable securitization facilities are as follows:
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Outstanding
Borrowings
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Weighted
Average
Interest Rate
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Remaining
Borrowing
Capacity
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(in millions) |
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CBI Facility |
$ |
— |
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— |
% |
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$ |
305.0 |
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Crown Facility |
$ |
— |
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— |
% |
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$ |
135.0 |
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The 2015 Credit Agreement provides for aggregate credit facilities of $4,093.6 million, consisting of the following:
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Amount |
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Maturity |
(in millions) |
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Revolving Credit Facility (1)(2)
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$ |
1,150.0 |
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July 16, 2020 |
U.S. Term A Facility (1)(3)
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1,271.6 |
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July 16, 2020 |
U.S. Term A-1 Facility (1)(3)
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241.9 |
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July 16, 2021 |
European Term A Facility (1)(3)
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1,430.1 |
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July 16, 2020 |
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$ |
4,093.6 |
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(1) |
Contractual interest rate varies based on our debt ratio (as defined in the 2015 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin. |
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(2) |
Provides for credit facilities consisting of a $575.0 million U.S. Revolving Credit Facility and a $575.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate. We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH are the borrowers under the European Revolving Credit Facility.
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(3) |
We are the borrower under the U.S. Term A and the U.S. Term A-1 loan facilities. CIH is the borrower under the European Term A loan facility. |
Borrowings consist of the following:
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November 30, 2015 |
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February 28, 2015 |
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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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Notes payable to banks |
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Senior Credit Facility – Revolving Credit Loans |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Other |
31.1 |
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— |
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31.1 |
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52.4 |
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$ |
31.1 |
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$ |
— |
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$ |
31.1 |
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$ |
52.4 |
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Long-term debt |
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Senior Credit Facility – Term Loans |
$ |
137.5 |
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$ |
2,771.7 |
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$ |
2,909.2 |
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$ |
2,792.1 |
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Senior Notes |
699.3 |
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3,650.0 |
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4,349.3 |
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4,348.6 |
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Other |
20.1 |
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93.3 |
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113.4 |
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154.9 |
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$ |
856.9 |
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$ |
6,515.0 |
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$ |
7,371.9 |
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$ |
7,295.6 |
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