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BORROWINGS:
9 Months Ended
Aug. 31, 2016
Debt Disclosure [Abstract]  
Borrowings
BORROWINGS: 
Borrowings consist of the following: 
 
As of
 
August 31, 2016
 
November 30, 2015
SYNNEX U.S. securitization (see Note 9 - Accounts Receivable Arrangements)
$
91,500

 
$

SYNNEX U.S. credit agreement
593,750

 
617,188

SYNNEX Canada term loan and revolver
4,332

 
14,449

SYNNEX Infotec credit facility
95,717

 
96,662

India credit facilities
10,006

 

Other borrowings and capital leases
13,117

 
2,592

Total borrowings
808,422

 
730,891

Less: Current portion
(187,878
)
 
(92,093
)
Non-current portion
$
620,544

 
$
638,798


SYNNEX U.S. credit agreement
In November 2013, the Company entered into a senior secured credit agreement (the “U.S. Credit Agreement”) which was comprised of a $275,000 revolving credit facility and a $225,000 term loan. In May 2015, the U.S. Credit Agreement was amended to increase the term loan to $625,000. The Company may request incremental commitments to increase the principal amount of revolving loans or term loans available under the U.S. Credit Agreement up to $350,000. The U.S. Credit Agreement matures in May 2020.
Interest on borrowings under the U.S. Credit Agreement can be based on LIBOR or a base rate at the Company's option. Loans borrowed under the U.S. Credit Agreement bear interest, in the case of LIBOR loans, at a per annum rate equal to the applicable LIBOR, plus a margin which may range from 1.50% to 2.25%, based on the Company's consolidated leverage ratios, as determined in accordance with the U.S. Credit Agreement. Loans borrowed under the U.S. Credit Agreement that are not LIBOR loans, and are instead base rate loans, bear interest at a per annum rate equal to (i) the greatest of (A) the Federal Funds Rate plus a margin of 1/2 of 1.0%, (B) LIBOR plus 1.0% per annum, and (C) the rate of interest announced, from time to time, by the agent, Bank of America, N.A, as its “prime rate,” plus (ii) a margin which may range from 0.50% to 1.25%,based on the Company's consolidated leverage ratios as determined in accordance with the U.S. Credit Agreement. The unused revolving credit facility is subject to a commitment fee ranging from 0.20% to 0.35% per annum, based on the Company's consolidated leverage ratios.
The outstanding principal amount of the term loan is repayable in quarterly installments, in an amount equal to (a) for each of the first eight full calendar quarters ending after the U.S. Credit Agreement amendment entered in May 2015, 1.25% of the amended principal amount of the term loan, (b) for each of the next four calendar quarters ending thereafter, 1.875% of the amended principal amount of the term loan, (c) for each calendar quarter ending thereafter, 2.50% of the amended principal amount of the term loan and (d) on the May 2020 maturity date of the term loan, the outstanding principal amount of the term loan. The Company’s obligations under the U.S. Credit Agreement are secured by substantially all of the parent company’s and its United States domestic subsidiaries’ assets and are guaranteed by certain of its United States domestic subsidiaries.
As of August 31, 2016 and November 30, 2015, balances outstanding under the term loan component of the U.S. Credit Agreement were $593,750 and $617,188, respectively. There were no borrowings outstanding under the revolving credit facility as of either August 31, 2016 or November 30, 2015. There was $1,500 outstanding as of both August 31, 2016 and November 30, 2015, in standby letters of credit under the U.S. Credit Agreement.
SYNNEX Canada revolving line of credit 
SYNNEX Canada Limited (“SYNNEX Canada”) has a revolving line of credit arrangement with a group of financial institutions (the “Canadian Revolving Arrangement”) which has a maximum commitment of CAD100,000, or $76,301, and includes an accordion feature to increase the maximum commitment by an additional CAD25,000, or $19,075, to CAD125,000, or $95,376, at SYNNEX Canada's request.
SYNNEX Canada has granted a security interest in substantially all of its assets in favor of the lender under the Canadian Revolving Arrangement. In addition, the Company pledged a portion of its stock in SYNNEX Canada as collateral for the Canadian Revolving Arrangement. The interest rate applicable under the Canadian Revolving Arrangement is equal to (i) the Canadian base rate plus a margin of 0.75% for a Base Rate Loan in Canadian Dollars, (ii) the US base rate plus a margin of 0.75% for a Base Rate Loan in U.S. Dollars, and (iii) the Bankers' Acceptance rate (“BA”) plus a margin of 2.00% for a BA Rate Loan. The Canadian base rate means the greater of (a) the prime rate determined by a major Canadian financial institution and (b) the one month Canadian Dealer Offered Rate (the average rate applicable to Canadian Dollar bankers' acceptances for the applicable period) plus 1.50%. The US base rate means the greater of (a) a reference rate determined by a major Canadian financial institution for US dollar loans made to Canadian borrowers and (b) the US federal funds rate plus 0.50%. A fee of 0.25% per annum is payable with respect to the unused portion of the commitment. The credit arrangement expires in May 2017. As of August 31, 2016, there were no borrowings outstanding under the Canadian Revolving Arrangement, and there was $9,728 outstanding as of November 30, 2015. The Canadian Revolving Arrangement also provides a sublimit of $5,000 for the issuance of standby letters of credit. As of both August 31, 2016 and November 30, 2015, there were no letters of credit outstanding.
SYNNEX Canada term loan
SYNNEX Canada has a term loan associated with the purchase of its logistics facility in Guelph, Canada. The interest rate for the unpaid principal amount is a fixed rate of 5.374% per annum. The final maturity date for repayment of the unpaid principal is April 1, 2017. As of August 31, 2016 and November 30, 2015, the balances outstanding on the term loan were $4,332 and $4,721, respectively.
SYNNEX Infotec credit facility
SYNNEX Infotec has a credit agreement with a group of financial institutions for a maximum commitment of JPY14,000,000, or $135,357. The credit facility is comprised of a JPY6,000,000, or $58,010, term loan and a JPY8,000,000, or $77,347, short-term revolving credit facility. The interest rate for the term loan and revolving credit facility is based on the Tokyo Interbank Offered Rate (“TIBOR”) plus a margin of 0.70% per annum. The unused line fee on the revolving credit facility is 0.10% per annum. This credit facility expires in November 2018. As of August 31, 2016 and November 30, 2015, the balances outstanding under the term loan component of the facility were $58,010 and $48,737, respectively. Balances outstanding under the revolving credit facility were $37,707 and $47,925 as of August 31, 2016 and November 30, 2015, respectively. The term loan can be repaid at any time prior to expiration date without penalty. The Company has guaranteed the obligations of SYNNEX Infotec under this facility.
India credit facilities
The Company's Indian subsidiaries have credit facilities with a financial institution to borrow up to an aggregate amount of $14,000. The interest rate under the credit facilities is based on LIBOR plus a margin of 0.90% per annum. The credit facilities can be terminated at any time by the Company’s Indian subsidiaries or the financial institution. As of August 31, 2016, $10,006 was outstanding under these facilities. As of November 30, 2015, there were no outstanding borrowings under these credit facilities.
Other borrowings and capital leases
The Company also maintains local currency denominated lines of credit with financial institutions at certain locations outside the United States aggregating $31,693. As of August 31, 2016 and November 30, 2015, the Company had no borrowings outstanding under these various facilities.
As of August 31, 2016 and November 30, 2015, the Company recorded $10,720 and $2,592, respectively, on its Consolidated Balance Sheets in obligations attributable to SYNNEX Infotec for the sale and financing of this subsidiary’s approved accounts receivable and notes receivable with recourse provisions and outstanding capital lease obligations. As of August 31, 2016, the Company had book overdrafts of $2,397. As of November 30, 2015, book overdrafts of $5,840 were included in Accounts Payable.
The maximum commitment amounts for local currency credit facilities have been translated into United States Dollars at August 31, 2016 exchange rates.
Future principal payments
Future principal payments under the above loans and capital leases as of August 31, 2016 are as follows: 
Fiscal Years Ending November 30,
 
2016 (remaining three months)
$
160,274

2017
39,336

2018
108,805

2019
62,507

2020
437,500

 
$
808,422


Interest expense and finance charges 
The total interest expense and finance charges for the Company's borrowings were $8,178 and $22,022 for the three and nine months ended August 31, 2016, respectively, and $7,152 and $20,302 for the three and nine months ended August 31, 2015, respectively. The variable interest rates ranged between 0.73% and 4.00% during both the three and nine months ended August 31, 2016, and between 0.60% and 4.25% and 0.57% and 4.50% during the three and nine months ended August 31, 2015, respectively.
Covenant compliance
The Company's borrowing arrangements have a number of covenants and restrictions that, among other things, require the Company to comply with certain financial and other covenants. These covenants require the Company to maintain specified financial ratios and satisfy certain financial condition tests. The covenants also limit the Company’s ability to incur additional debt, make or forgive intercompany loans, pay dividends and make other types of distributions, make certain acquisitions, repurchase the Company’s stock, create liens, cancel debt owed to the Company, enter into agreements with affiliates, modify the nature of the Company’s business, enter into sale-leaseback transactions, make certain investments, enter into new real estate leases, transfer and sell assets, cancel or terminate any material contracts and merge or consolidate. As of August 31, 2016, the Company was in compliance with all material covenants for the above arrangements.