Long-Term Debt (Tables)

9 Months Ended

Nov. 30, 2016

Long-Term Debt

Summary of long-term debt

LONG-TERM DEBT

(in thousands)

	Original
	Date	Interest			November 30,		February 29,
	Borrowed	Rates		Matures	2016		2016
$37.61 million unsecured loan with the Mississippi Business Finance Corporation (the "MBFC Loan"), interest is set and payable quarterly at a Base Rate, plus a margin of up to 1.00%, or applicable LIBOR plus a margin of up to 2.00%, as determined by the interest rate elected and the Leverage Ratio. Loan subject to holder's call on or after March 1, 2018. Loan can be prepaid without penalty. (1)	03/13	Floating		03/23	$	29,917	$	33,706
$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		39,692		39,496
Credit Agreement	01/15	Floating		01/20		495,293		546,712
Total long-term debt						564,902		619,914
Less current maturities of long-term debt						(24,528)		(22,644)
Long-term debt, excluding current maturities					$	540,374	$	597,270

(1) A  $3.80 million principal payment was made on March 1, 2016. The remaining principal balance of the MBFC loan is payable as follows: $5.70 million on March 1, 2017; $1.90 million annually on March 1, 2018 through 2022; and $14.81 million on March 1, 2023. Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.