NOTE 3 – LONG-TERM DEBT AND AVAILABLE CREDIT

Revolving Credit Facility – The Company has a $350,000,000 secured revolving credit facility with a $100,000,000 accordion feature (“Revolving Credit Facility”). As of May 30, 2015, the calculated borrowing base was $396,106,000. The Company had no cash borrowings and $42,051,000 in letters of credit and bankers’ acceptances outstanding under the Revolving Credit Facility, with $307,949,000 remaining available for cash borrowings, all as of May 30, 2015.

Term Loan Facility – The Company has a senior secured term loan facility that matures on April 30, 2021 (“Term Loan Facility”). As of May 30, 2015, February 28, 2015 and May 31, 2014, the Company had $198,500,000, $199,000,000 and $200,000,000 outstanding, respectively, under the Term Loan Facility; and the carrying values were $196,819,000, $197,246,000 and $198,026,000, respectively, net of unamortized discounts.

The fair value of the Term Loan Facility was approximately $193,500,000 as of May 30, 2015, which was measured using the quoted market price. The Term Loan Facility was classified as Level 2 based on the frequency and volume of trading for which the price was readily available. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.