Long-Term Debt and Capital Lease Obligations

12 Months Ended

Aug. 31, 2011

Long-term Debt and Capital Lease Obligations [Abstract]

Long-Term Debt and Capital Lease Obligations

Long-Term Debt and Capital Lease Obligations

Long-term debt and capital lease obligations consisted of the following as of August 31 (in thousands):

	2011			2010
Bank unsecured revolving credit facility, interest at LIBOR plus a spread	$	393,428		$	90,000
Tax-exempt economic development revenue bonds due January 2021, interest payable monthly at a variable rate (0.13% as of August 31, 2011), secured by a letter of credit	7,700			7,700
Capital lease obligations due through February 2021, interest at rates ranging from 0.99% to 9.39% as of August 31, 2011	2,802			2,084
Other	—			645
Total long-term debt and capital lease obligations	403,930			100,429
Less current maturities	(643		)	(1,189		)
Long-term debt and capital lease obligations, net of current maturities	$	403,287		$	99,240

In February 2011, the Company amended and restated its unsecured committed bank credit agreement with Bank of America, N.A., as administrative agent, and the other lenders party thereto to increase the amount available to $650 million from $450 million, including $30 million in Canadian Dollar availability. The maturity was also extended to February 2016. Interest rates on outstanding indebtedness under the amended agreement are based, at the Company’s option, on either the London Interbank Offered Rate (or the Canadian equivalent) plus a spread of between 1.75% and 2.75%, with the amount of the spread based on a pricing grid tied to the Company’s leverage ratio, or the base rate plus a spread of between 0% and 1%. In addition, annual commitment fees are payable on the unused portion of the credit facility at rates between 0.25% and 0.45%, which is based on a pricing grid tied to the Company’s leverage ratio. The Company had borrowings outstanding under the credit facility of $393 million and $90 million as of August 31, 2011 and 2010, respectively. The weighted average interest rate on amounts outstanding under this facility was 2.48% and 0.79% as of August 31, 2011 and 2010, respectively. The bank credit agreement contains various representations and warranties, events of default and financial and other covenants, including covenants regarding maintenance of a minimum fixed charge coverage ratio and a maximum leverage ratio.

Principal payments on long-term debt and capital lease obligations during the next five fiscal years and thereafter are as follows (in thousands):

Years ending August 31,	Long-Term Debt		Capital Lease Obligations			Total
2012	$	—	$	859		$	859
2013	—		827			827
2014	—		597			597
2015	—		279			279
2016	393,428		187			393,615
Thereafter	7,700		762			8,462
Total	401,128		3,511			404,639
Amounts representing interest and executory costs	—		(709		)	(709		)
Total less interest	$	401,128	$	2,802		$	403,930

The Company had outstanding letters of credit totaling $18 million as of August 31, 2011 and 2010, related to certain obligations, including workers’ compensation and performance bonds.