v3.25.1
Long-Term Debt (Tables)
 12 Months Ended
Feb. 28, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
A summary of our long-term debt follows:

(in thousands)February 28, 2025February 29, 2024
Credit Agreement:
Revolving loans$678,100 $421,950 
Term loans243,750 250,000 
Total borrowings under Credit Agreement
921,850 671,950 
Unamortized prepaid financing fees(4,956)(6,279)
Total long-term debt916,894 665,671 
Less: current maturities of long-term debt(9,375)(6,250)
Long-term debt, excluding current maturities$907,519 $659,421 
Schedule of Aggregate Annual Maturities of Long-term Debt
Aggregate annual maturities of our long-term debt as of February 28, 2025 were as follows:

(in thousands)
Fiscal 2026$9,375 
Fiscal 202712,500 
Fiscal 202812,500 
Fiscal 2029887,475 
Fiscal 2030— 
Thereafter— 
Total$921,850 
Schedule of Interest Rates On Credit Agreement
The following table contains information about interest rates and the related weighted average borrowings outstanding under our Credit Agreement, including under the Prior Credit Agreement, and the MBFC Loan for the periods presented below:

 Fiscal Years Ended Last Day of February,
(in thousands)202520242023
Credit Agreement:
Average borrowings outstanding (1)$761,245$806,415$1,011,263
Average effective interest rate (2)6.6%6.4%4.4%
Interest rate range (3)
5.9% - 9.3%
6.5% - 9.3%
1.1% - 8.6%
Weighted average interest rate on borrowings outstanding at year end (4)
5.6%6.0%6.3%
MBFC Loan:
Average borrowings outstanding (1)(5)(5)$12,226
Average effective interest rate (2)(5)(5)5.0%
Interest rate range (5)(5)
1.2% - 5.9%
(1)Average borrowings outstanding is computed as the average of the current and four prior quarters ending balances outstanding.
(2)The average effective interest rate during each year is computed by dividing the total interest expense associated with the borrowing for a fiscal year by the average borrowings outstanding for the same fiscal year. We included the impact of our interest rate swaps and commitment fees incurred under the Credit Agreement and Prior Credit Agreement in computing total interest expense.
(3)Interest rate range reflects the interest rates on the borrowings under the Credit Agreement and Prior Credit Agreement pursuant to the respective agreements and excludes the impact of our interest rate swaps.
(4)The weighted average interest rate on borrowings outstanding at year end under the Credit Agreement is computed inclusive of the impact of our interest rate swaps.
(5)As of February 28, 2025, February 29, 2024 and February 28, 2023, we no longer had any outstanding borrowings on the MBFC Loan as the MBFC Loan terminated pursuant to its terms on February 28, 2023.