11.Debt


	As of February 28
(In thousands)	2014		2013
Short-term revolving credit facility	$	582	$	355
Current portion of finance and capital lease obligations		18,459		16,139
Current portion of non-recourse notes payable		223,938		182,915
Total current debt		242,979		199,409
Finance and capital lease obligations, excluding current portion		315,925		337,452
Non-recourse notes payable, excluding current portion		7,024,506		5,672,175
Total debt, excluding current portion		7,340,431		6,009,627
Total debt	$	7,583,410	$	6,209,036

Revolving Credit Facility. Our $700 million unsecured revolving credit facility (the “credit facility”) expires in August 2016. Borrowings under the credit facility are available for working capital and general corporate purposes. Borrowings accrue interest at variable rates based on LIBOR, the federal funds rate, or the prime rate, depending on the type of borrowing, and we pay a commitment fee on the unused portions of the available funds. As of February 28, 2014, the remaining capacity of the credit facility was fully available to us.

The weighted average interest rate on outstanding short-term and long-term debt was 1.5% in fiscal 2014 and 1.8% in fiscal 2013 and 1.6% in fiscal 2012.

We capitalize interest in connection with the construction of certain facilities. There was no capitalized interest in fiscal 2014, fiscal 2013 or fiscal 2012.

Finance and Capital Lease Obligations. Finance and capital lease obligations relate primarily to superstores subject to sale-leaseback transactions that did not qualify for sale accounting, and therefore, are accounted for as financings. The leases were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly. Payments on the leases are recognized as interest expense and a reduction of the obligations. We have not entered into any sale-leaseback transactions since fiscal 2009. See Note 15 for information on future minimum lease obligations.

Non-Recourse Notes Payable. The non-recourse notes payable relate to auto loan receivables funded through term securitizations and our warehouse facilities. The timing of principal payments on the non-recourse notes payable is based on principal collections, net of losses, on the securitized auto loan receivables. The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period.

As of February 28, 2014, $6.37 billion of non-recourse notes payable was outstanding related to term securitizations. These notes payable accrue interest at fixed rates and have scheduled maturities through August 2020, but may mature earlier or later, depending upon the repayment rate of the underlying auto loan receivables.

As of February 28, 2014, $879.0 million of non-recourse notes payable was outstanding related to our warehouse facilities. The combined warehouse facility limit is $1.8 billion, and unused warehouse capacity totaled $921.0 million. During the third quarter of fiscal 2014, we increased the limit of our $900 million warehouse facility that was scheduled to expire in February 2014 to $1 billion, and during the fourth quarter of fiscal 2014, we renewed the facility for an additional 364 day term. Of the combined warehouse facility limit, $800 million will expire in August 2014 and $1 billion will expire in February 2015. The notes payable outstanding related to our warehouse facilities do not have scheduled maturities, instead the principal payments depend upon the repayment rate of the underlying auto loan receivables. The return requirements of investors could fluctuate significantly depending on market conditions. Therefore, at renewal, the cost, structure and capacity of the facilities could change. These changes could have a significant impact on our funding costs.

See Notes 2(F) and 4 for additional information on the related securitized auto loan receivables.

Financial Covenants. The credit facility agreement contains representations and warranties, conditions and covenants. We must also meet financial covenants in conjunction with certain of the sale-leaseback transactions. Our securitization agreements contain representations and warranties, financial covenants and performance triggers. As of February 28, 2014, we were in compliance with all financial covenants and our securitized receivables were in compliance with the related performance triggers.