Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.5.0.2
Borrowings (Tables)
6 Months Ended
Aug. 31, 2016
Debt Disclosure [Abstract]  
Borrowings
Borrowings consist of the following:
 
August 31, 2016
 
February 29,
2016
 
Current
 
Long-term
 
Total
 
Total
(in millions)
 
 
 
 
 
 
 
Notes payable to banks
 
 
 
 
 
 
 
Senior Credit Facility – Revolving Credit Loans
$

 
$

 
$

 
$
92.0

Other
114.3

 

 
114.3

 
316.3

 
$
114.3

 
$

 
$
114.3

 
$
408.3

 
 
 
 
 
 
 
 
Long-term debt
 
 
 
 
 
 
 
Senior Credit Facility – Term Loans
$
172.5

 
$
3,305.9

 
$
3,478.4

 
$
2,856.8

Senior Notes
699.4

 
3,320.5

 
4,019.9

 
4,716.3

Other
21.2

 
395.2

 
416.4

 
99.8

 
$
893.1

 
$
7,021.6

 
$
7,914.7

 
$
7,672.9

As of August 31, 2016, our accounts receivable securitization facilities are as follows:
 
Outstanding
Borrowings
 
Weighted
Average
Interest Rate
 
Remaining
Borrowing
Capacity
(in millions)
 
 
 
 
 
CBI Facility
$

 
%
 
$
300.0

Crown Facility
$
70.0

 
1.5
%
 
$
105.0

The 2016 Credit Agreement provides for aggregate credit facilities of $4,690.5 million, consisting of the following:
 
Amount
 
Maturity
(in millions)
 
 
 
Revolving Credit Facility (1) (2)
$
1,150.0

 
July 16, 2020
U.S. Term A Facility (1) (3)
1,223.9

 
July 16, 2020
U.S. Term A-1 Facility (1) (3)
240.1

 
July 16, 2021
European Term A Facility (1) (3)
1,376.5

 
July 16, 2020
European Term A-1 Facility (1) (3)
700.0

 
March 10, 2021
 
$
4,690.5

 
 
(1) 
Contractual interest rate varies based on our debt ratio (as defined in the 2016 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin.
(2) 
Provides for credit facilities consisting of a $150.0 million U.S. Revolving Credit Facility and a $1,000.0 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 and/or CIHH are the borrowers under the European Revolving Credit Facility.
(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. CIHH is the borrower under the European Term A-1 loan facility.

As of August 31, 2016, information with respect to borrowings under the 2016 Credit Agreement is as follows:
 
Revolving
Credit
Facility
 
U.S.
Term A
Facility (1)
 
U.S.
Term A-1
Facility (1)
 
European
Term A
Facility (1)
 
European
Term A-1
Facility (1)
(in millions)
 
 
 
 
 
 
 
 
 
Outstanding borrowings
$

 
$
1,199.7

 
$
239.1

 
$
1,351.5

 
$
688.1

Interest rate
%
 
2.0
%
 
2.2
%
 
2.0
%
 
2.0
%
Libor margin
1.5
%
 
1.5
%
 
1.75
%
 
1.5
%
 
1.5
%
Outstanding letters of credit
$
16.8

 
 
 
 
 
 
 
 
Remaining borrowing capacity
$
1,133.2

 
 
 
 
 
 
 
 

(1) 
Outstanding term loan facility borrowings are net of unamortized debt issuance costs.
Required principal repayments under senior credit facility term loan obligations
As of August 31, 2016, the required principal repayments of the term loans under the 2016 Credit Agreement (excluding unamortized debt issuance costs of $18.9 million) for the remaining six months of fiscal 2017 and for each of the five succeeding fiscal years are as follows:
 
U.S.
Term A
Facility
 
U.S.
Term A-1
Facility
 
European
Term A
Facility
 
European
Term A-1
Facility
 
Total
(in millions)
 
 
 
 
 
 
 
 
 
2017
$
31.8

 
$
1.2

 
$
35.7

 
$
17.5

 
$
86.2

2018
63.6

 
2.4

 
71.5

 
35.0

 
172.5

2019
63.6

 
2.4

 
71.5

 
35.0

 
172.5

2020
63.6

 
2.4

 
71.5

 
35.0

 
172.5

2021
985.4

 
2.4

 
1,108.4

 
35.0

 
2,131.2

2022

 
228.7

 

 
533.7

 
762.4

 
$
1,208.0

 
$
239.5

 
$
1,358.6

 
$
691.2

 
$
3,497.3