Long-Term Debt (Tables)

3 Months Ended

May 31, 2020

Debt Disclosure [Abstract]

Summary of long-term debt

The following table summarizes our long-term debt as of the end of the periods shown:

(in thousands)	May 31, 2020		February 29, 2020
MBFC Loan (1)	$	18,540	$	20,451
Credit Agreement (2)	306,343		318,854
Total long-term debt	324,883		339,305
Less current maturities of long-term debt	(1,884)		(1,884)
Long-term debt, excluding current maturities	$	322,999	$	337,421

(1)The MBFC Loan is unsecured and bears floating interest based on either LIBOR plus a margin of up to 2.0%, or a Base Rate plus a margin of up to 1.0%, as determined by the interest rate elected and the net leverage ratio defined in the Indenture. Since March 2018, the loan may be called by the holder at any time.  The loan can be prepaid without penalty.  The remaining principal balance is payable as follows: $1.9 million annually on March 1, 2021 and 2022; and $14.8 million on March 1, 2023.  Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.

(2)The Credit Agreement's floating interest rates are hedged with interest rate swaps to effectively fix interest rates on $225 million of the outstanding principal balance under the Credit Agreement (see Notes 14, 15 and 16 for additional information regarding interest rate swaps).