SUBSEQUENT EVENTS

6 Months Ended

Feb. 28, 2018

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

The Company has evaluated all events subsequent to the balance sheet date of February 28, 2018 through the date of issuance of these consolidated financial statements and has determined that, except as set forth below, there are no subsequent events that require disclosure.

Acquisition

On March 15, 2018, the Company acquired Aeropost, Inc., a cross-border logistics and e-commerce provider with presence throughout Latin America and the Caribbean, for total consideration of $30.0 million. Aeropost brings to PriceSmart a technology and development team, which the Company can leverage to offer new online shopping options for our members.

Financing Transactions

On March 22, 2018, the Company's Panama subsidiary entered into a loan agreement with Scotiabank. The agreement provides for a US $15.0 million loan to be repaid in five years with quarterly interest and principal payments. The interest rate is set at the 90 day LIBOR rate plus 3%.  The loan was funded on March 23, 2018.