Debt (Tables)

9 Months Ended

Nov. 30, 2014

Debt

Summary of long-term debt

(dollars in thousands)

	Original
	Date	Interest		November 30,			February 28,
	Borrowed	Rates	Matures	2014			2014
$37.61 million unsecured loan with the Mississippi Business Finance Corporation (“MBFC Loan”), interest is set and payable quarterly at a Base Rate, plus a margin of up to 1.125%, or applicable LIBOR plus a margin of up to 2.125%, as determined by the interest rate elected.  Loan subject to holder’s call on or after March 1, 2018. Loan can be prepaid without penalty. (1)	03/13	2.28%	03/23	$	35,707		$	37,607
$75 million unsecured floating interest rate Senior Notes. Interest set and payable quarterly at three month LIBOR plus 90 basis points.  Principal was due and paid on June 30, 2014. (2)	06/04	6.01%	06/14	-			75,000
$100 million unsecured Senior Notes payable at a fixed interest rate of 3.90%. Interest payable semi-annually.  Annual principal payments of $20 million began in January 2014.  Prepayment of notes are subject to a “make whole” premium.	01/11	3.90%	01/18	80,000			80,000
Total long-term debt				115,707			192,607
Less current maturities of long-term debt				(21,900		)	(96,900		)
Long-term debt, excluding current maturities				$	93,807		$	95,707

(1) A $1.90 million principal payment was made on March 1, 2014.   The remaining loan balance is payable as follows: $1.90 million on March 1 in each of 2015, 2018, 2019, 2020, 2021, and 2022; $3.80 million on March 1, 2016; $5.70 million on March 1, 2017; and $14.81 million on March 1, 2023. Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.

(2) Floating interest rates were hedged with an interest rate swap to effectively fix interest rates while the Senior Notes were outstanding.  Additional information regarding the swap is provided in Note 14 to these consolidated condensed financial statements.