Debt

9 Months Ended

Nov. 30, 2020

Debt Disclosure [Abstract]

Debt

Debt

The Company's debt consisted of the following for each of the periods presented (dollars in thousands):

	November 30, 2020		February 29, 2020
2017 Revolving Credit Facility	$	57,000	$	78,000
2011 Senior Notes	125,000		125,000
Total debt, gross	182,000		203,000
Unamortized debt issuance costs	(22)		(122)
Total debt, net	181,978		202,878
Less amount due within one year	—		(125,000)
Debt due after one year, net	$	181,978	$	77,878

On October 9, 2020, the Company completed a private placement transaction and entered into a Note Purchase Agreement, whereby the Company agreed to borrow $150.0 million of senior unsecured notes (the “Notes”), consisting of two separate tranches:

•7-year borrowing: $70.0 million priced at 2.77% coupon, and

•12-year borrowing: $80.0 million priced at 3.17% coupon.

The proceeds of the $80.0 million tranche was funded on December 17, 2020. The $70.0 million tranche will be funded in January 2021. The Company expects to use the proceeds to repay the existing $125.0 million 5.42% Senior Notes maturing on January 20, 2021, as well as being available for general corporate purposes. Interest on the outstanding Notes will be paid semi-annually. See Note 12.

The Company's debt agreements require the Company to maintain certain financial ratios. As of November 30, 2020, the Company was in compliance with all covenants or other requirements set forth in the debt agreements.