Debt

12 Months Ended

Feb. 29, 2020

During the second quarter of fiscal 2020, we amended the borrowing capacity of our prior credit facility to $235 million with a maturity of June 2024 and we established a $150 million term loan with a maturity of June 2020. Subsequent to the end of the fiscal year, the Company extended its $150 million term loan maturity to April 2021. Outstanding borrowings under the revolving credit facility were $47.5 million, as of February 29, 2020 and $225.0 million as of March 2, 2019. Our revolving credit facility and term loan contain two financial covenants that require us to stay below a maximum debt-to-EBITDA ratio and maintain a minimum ratio of interest expense-to-EBITDA. Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. If the Company is not in compliance with either of these covenants, our credit facility and term loan may be terminated and/or any amounts then outstanding may be declared immediately due and payable. At February 29, 2020, we were in compliance with both financial covenants. We have the ability to issue letters of credit of up to $80.0 million under this credit facility, the outstanding amounts of which decrease the available commitment. At February 29, 2020, $162.8 million was available under this revolving credit facility.

Debt at February 29, 2020 also included $20.4 million of industrial revenue bonds that mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximated carrying value at February 29, 2020, due to the variable interest rates on these instruments. The bonds would be classified as Level 2 within the fair value hierarchy described in Note 5.

During the fourth quarter of fiscal 2020, we replaced our Canadian demand credit facilities with two committed, revolving credit facilities with a limit of up to $25.0 million (USD) with a maturity of February 2021. No borrowings were outstanding under the facilities in place as of February 29, 2020 or as of March 2, 2019.

Debt maturities and other selected information follows:



(In thousands)	2021		2022		2023		2024		2025		Thereafter		Total
Maturities	$	5,400	$	152,000	$	1,000	$	—	$	47,500	$	12,000	$	217,900



(In thousands, except percentages)	2020			2019
Average daily borrowings during the year	$	241,036		$	207,358
Maximum borrowings outstanding during the year	282,000			249,000
Weighted average interest rate during the year	2.91		%	3.61		%



(In thousands)	February 29, 2020		March 2, 2019		March 3, 2018
Interest on debt	$	8,891	$	8,114	$	5,208
Other interest expense	326		335		300
Interest expense	$	9,217	$	8,449	$	5,508

Interest payments were $9.1 million in fiscal 2020, $8.1 million in fiscal 2019 and $5.3 million in fiscal 2018.