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Borrowings (Tables)
12 Months Ended
May. 31, 2015
Description of Long-Term Debt

A description of long-term debt follows:

 

May 31,

   2015      2014  
(In thousands)              

Revolving credit facility with a syndicate of banks, through December 5, 2019(1)

   $ 111,043      $ 2,090  

Accounts Receivable Securitization Program with two banks, through May 9, 2017

     100,000     

Unsecured 6.70% senior notes due November 1, 2015(2)

     —          150,000  

Unsecured 6.50% senior notes due February 14, 2018(3)

     248,996        248,627  

Unsecured 6.125% senior note due October 15, 2019(4)

     456,802        458,163  

Unsecured $205,000 face value at maturity 2.25% senior convertible notes due December 15, 2020

     188,158        185,474  

Unsecured 3.45% senior notes due November 15, 2022

     300,000        300,000  

Unsecured 5.25% notes due June 1, 2045(5)

     248,504        —    

Other obligations, including capital leases and unsecured notes payable at various rates of interest due in installments through 2017

     2,572        7,273  
  

 

 

    

 

 

 
  1,656,075     1,351,627  

Less: current portion

  2,038     5,662  
  

 

 

    

 

 

 

Total Long-Term Debt, Less Current Maturities

$ 1,654,037   $ 1,345,965  
  

 

 

    

 

 

 

 

(1) Interest was tied to AUD LIBOR at May 31, 2015, and averaged 3.095% for AUD denominated debt ($10,316), 1.075% on EUR denominated debt ($16,490), 1.265% on Euro LIBOR denominated debt ($70,000) and 1.259% on our swing-line ($14,237). Interest was tied to AUD LIBOR at May 31, 2014, and averaged 3.96% for AUD denominated debt.
(2) We entered into a cross-currency swap, which fixed the interest and principal payments in euros, resulting in an effective fixed-rate borrowing of 5.31%. Pursuant to the Redemption Notice issued to the holders thereof by the Company on April 28, 2015, the 6.70% Senior Notes issued by RPM United Kingdom G.P., which were due to mature on November 1, 2015, were redeemed on May 29, 2015.
(3) The $250.0 million aggregate principal amount of the notes due 2018 is adjusted for the amortization of the original issue discount, which approximated $1.0 million and $1.4 million at May 31, 2015 and 2014, respectively. The original issue discount effectively reduced the ultimate proceeds from the financing. The effective interest rate on the notes, including the amortization of the discount, is 6.704% for both years presented.
(4) Includes the combination of the October 2009 initial issuance of $300.0 million aggregate principal amount and the May 2011 issuance of an additional $150.0 million aggregate principal amount of these notes. The $300.0 million aggregate principal amount of the notes due 2019 from the initial issuance is adjusted for the amortization of the original issue discount, which approximated $0.1 million and $0.2 million at May 31, 2015 and 2014. The original issue discount effectively reduced the ultimate proceeds from the October 2009 financing. The effective interest rate on the notes issued in October 2009, including the amortization of the discount, is 6.139%. The additional $150.0 million aggregate principal amount of the notes due 2019 issued in May 2011 is adjusted for the unamortized premium received at issuance, which approximated $6.9 million and $8.3 million at May 31, 2015 and 2014, respectively. The premium effectively increased the proceeds from the financing. The effective interest rate on the $150.0 million notes issued in May 2011 is 4.934%.
(5) The $250.0 million face amount of the notes due 2045 is adjusted for the amortization of the original issue discount, which approximated $1.5 million at May 31, 2015. The original issue discount effectively reduced the ultimate proceeds from the financing. The effective interest rate on the notes, including the amortization of the discount, is 5.29%.