Debt

3 Months Ended

Feb. 29, 2020

The following table summarizes total indebtedness, including unamortized premiums, as of February 29, 2020 and November 30, 2019 (in millions):



		February 29, 2020				November 30, 2019
	Maturity Date	Carrying Amount			Fair Value	Carrying Amount			Fair Value
Credit Facilities:
2019 revolving facility	November 2024	323.0			323.0	237.0			237.0
2019 credit agreement	September 2020	250.0			250.0	250.0			250.0
Senior Unsecured Notes:
5% senior notes due 2022	November 1, 2022	748.2			806.3	748.2			798.2
4.125% senior notes due 2023	August 1, 2023	499.0			537.2	498.9			528.8
3.625% senior notes due 2024	May 1, 2024	399.0			424.1	398.9			416.4
4.75% senior notes due 2025	February 15, 2025	811.3			888.6	811.8			873.6
4.00% senior notes due 2026	March 1, 2026	500.0			549.9	500.0			530.2
4.75% senior notes due 2028	August 1, 2028	747.7			869.5	747.6			838.4
4.25% senior notes due 2029	May 1, 2029	973.4			1,073.8	974.2			1,026.7
Debt issuance costs		(45.5		)	—	(47.7		)
Finance leases		6.3				6.6
Total debt		$	5,212.4			$	5,125.5
Current portion		(251.1		)		(251.1		)
Total long-term debt		$	4,961.3			$	4,874.4

2019 revolving facility. On November 29, 2019, we entered into a $1.25 billion senior unsecured revolving credit agreement (“2019 revolving facility”). Subject to certain conditions, the 2019 revolving facility may be expanded by up to an aggregate of $750 million in additional commitments. Borrowings under the 2019 revolving facility mature in November 2024. The interest rates for borrowings under the 2019 revolving facility are the applicable LIBOR plus a spread of 1.00 percent to 1.625 percent, depending upon our corporate credit rating. A commitment fee on any unused balance is payable periodically and ranges from 0.10 percent to 0.25 percent based upon our corporate credit rating. We had approximately $1.3 million of outstanding letters of credit under the 2019 revolving facility as of February 29, 2020, which reduced the available borrowing under the facility by an equivalent amount.

2019 credit agreement. In September 2019, we entered into a 364-day credit agreement (the “2019 credit agreement”) for a term loan credit facility in an aggregate principal amount of $250.0 million. The interest rate for borrowing under the 2019 credit agreement is the applicable LIBOR plus a spread of 0.75 percent.

The 2019 revolving facility and the 2019 credit agreement are subject to certain financial and other covenants, including a maximum Leverage Ratio and a minimum Interest Coverage Ratio, which is defined as the ratio of Consolidated EBITDA to Consolidated Interest Expense, as such terms are defined in the agreements.

As of February 29, 2020, we had approximately $323.0 million of outstanding borrowings under the 2019 revolving facility at a current annual interest rate of 2.89 percent and $250.0 million of outstanding borrowings under the 2019 credit agreement at a current weighted average annual interest rate of 2.41 percent.

Senior Unsecured Notes. All of our senior unsecured notes (“Senior Notes”) are unsecured and bear interest at a fixed rate payable semiannually. The Senior Notes were issued in registered offerings under the Securities Act or in offerings not subject to the registration requirements of the Securities Act, and all the Senior Notes have been admitted for trading to the official list of The International Stock Exchange in the Channel Islands. The indentures governing the Senior Notes all provide that, at the option of the respective holders of the Senior Notes, we may be required to purchase all or a portion of such Senior Notes upon occurrence of a change of control triggering event as defined in the respective indentures, at a price equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest to the date of purchase. All the indentures also contain (i) covenants that limit our ability to, among other things, incur or create liens and enter into sale and leaseback transactions, (ii) covenants

that limit our ability to consolidate or merge with another entity or to sell all or substantially all of our assets to another entity, and (iii) customary default provisions.

As of February 29, 2020, we were in compliance with all of our debt covenants. We have classified short-term debt based on scheduled loan payments and intended repayments on our revolving facility based on expected cash availability over the next 12 months.

The carrying value of our variable rate debt instruments approximate their fair value because of the variable interest rates associated with those instruments. The fair values of the senior notes were measured using observable inputs in markets that are not active; consequently, we have classified those notes within Level 2 of the fair value hierarchy.