Long-Term Debt (Tables)

9 Months Ended

Nov. 30, 2017

Long-Term Debt

Summary of long-term debt

LONG-TERM DEBT

	Original
	Date	Interest			November 30,		February 28,
(dollars in thousands)	Borrowed	Rates		Matures	2017		2017
Mississippi Business Finance Corporation Loan (the "MBFC Loan")(1)	03/13	Floating		03/23	$	24,215	$	29,903
Senior Notes(2)	01/11	3.9	%	01/18		19,976		19,763
Credit Agreement(3)	01/15	Floating		12/21		382,000		435,949
Total long-term debt						426,191		485,615
Less current maturities of long-term debt						(20,860)		(24,404)
Long-term debt, excluding current maturities					$	405,331	$	461,211

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⁽¹⁾ The MBFC Loan is unsecured with an original balance of $37.6 million and interest set and payable quarterly at a Base Rate, plus a margin of up to 1.0%, or applicable LIBOR plus a margin of up to 2.0%, as determined by the interest rate elected and the Leverage Ratio. The loan is subject to holder's call on or after March 1, 2018. The loan can be prepaid without penalty. The remaining principal balance of the MBFC Loan is payable as follows: $1.9 million annually on March 1, 2018 through 2022; and $14.8 million on March 1, 2023.  Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.

⁽²⁾ $100 million unsecured Senior Notes at a fixed interest rate of 3.9% payable semi-annually. Annual principal payments of $20 million began in January 2014. Prepayment of the notes are subject to a "make whole" premium.

⁽³⁾ Floating interest rates are hedged with and interest rate swap to effectively fix interest rates on $100 million of the outstanding principal balance under the Credit Agreement.  Notes 11 and 12 to these consolidated condensed financial statements provide additional information regarding the interest rate swap.