Subsequent Events (Notes)

12 Months Ended

Feb. 28, 2013

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On March 27, 2013, we entered into the new Credit Agreement, as described in Note 10 to the Consolidated Financial Statements, which replaced the Previous Credit Agreement, which terminated effective March 27, 2013. As described in Note 10, the Credit Agreement provides for a $75 million term facility and a $225 million revolving credit facility, subject to a $75 million "accordion" feature.

The Credit Agreement provides for an applicable margin on the revolving credit facility ranging from 1.0% to 2.0% over the Eurodollar Rate and Commitment Fees ranging from .20% to .30% depending on our Leverage Ratio. The $75 million term facility requires quarterly principal and interest payments commencing on June 30, 2013 and maturing on March 27, 2018.

On March 29, 2013, we completed our acquisition (the “Acquisition”) of all of the equity securities of Aquilex Specialty Repair and Overhaul LLC, a Delaware limited liability company (“Aquilex SRO”), pursuant to the terms of the Securities Purchase Agreement dated February 22, 2013 (the “Purchase Agreement”). Aquilex SRO provides the energy industry with specialty repair and overhaul solutions designed to improve mechanical integrity and extend component life. The Acquisition is part of our strategy to expand our offerings in the Electrical and Industrial Products and Services Segment to enhance our presence in the power generation market.

The Purchase Agreement provided for AZZ's acquisition of all equity securities of Aquilex for cash consideration in the amount of $271.8 million, subject to adjustment as set forth in the Purchase Agreement. We are in the process of determining the purchase price accounting and disclosures.