Long-Term Debt

6 Months Ended

Aug. 31, 2012

Long-Term Debt [Abstract]

Long-Term Debt

9. Long-Term Debt

Long-term debt consisted of the following as of the dates indicated (in thousands):

	August 31,		February 29,
	2012		2012
Revolving credit facility	$	70,000	$	90,000
Total long-term debt	$	70,000	$	90,000

On February 22, 2012, the Company entered into the Second Amendment to Second Amended and Restated Credit Agreement (the “Facility”) with a group of lenders led by Bank of America, N.A. (the “Lenders”). The Facility provides the Company access to $150.0 million in revolving credit, which the Company may increase to $200.0 million in certain circumstances, and matures on August 18, 2016. The Facility bears interest at the London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 1.0% to 2.25% (LIBOR + 1.75% or 1.98% at August 31, 2012 and 2.47% at August 31, 2011), depending on the Company’s ratio of total funded debt to the sum of net earnings plus interest, tax, depreciation, and amortization (“EBITDA”). As of August 31, 2012, the Company had $70.0 million of borrowings under the revolving credit line and $3.5 million outstanding under standby letters of credit arrangements, leaving the Company availability of approximately $76.5 million. The Facility contains financial covenants, restrictions on capital expenditures, acquisitions, asset dispositions, and additional debt, as well as other customary covenants, such as the total funded debt to EBITDA ratio. The Company was in compliance with these covenants as of August 31, 2012. The Facility is secured by substantially all of the Company’s domestic assets as well as all capital securities of each of the Company’s U.S. subsidiaries and 65% of all capital securities of each of the Company’s direct foreign subsidiaries.