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Subsequent Event
3 Months Ended
Mar. 30, 2021
Subsequent Event  
Subsequent Event

(12) Subsequent Event

As discussed in note 3, we are party to a revolving credit facility under which we may borrow up to $200.0 million with the option to increase by an additional $200.0 million. On May 11, 2020, we amended the revolving credit facility to provide for an incremental credit facility of up to $82.5 million. As of March 30, 2021 and December 29, 2020, we had $190.0 million outstanding on the original credit facility and $50.0 million outstanding on the incremental credit facility.

On May 4, 2021, we entered into an agreement to further amend our revolving credit facility with the same syndicate of commercial lenders. This amendment increased the amount we may borrow to $300.0 million with the option to increase by an additional $200.0 million and extended the maturity date to May 1, 2026. As part of the amendment, the $190.0 million on the original credit facility remained outstanding and the $50.0 million on the incremental credit facility was repaid.

The terms of the amendment require us to pay interest on outstanding borrowings at LIBOR plus a margin of 0.875% to 1.875% and pay a commitment fee of 0.125% to 0.30% per year on any unused portion of the revolving credit facility, in each case depending on our leverage ratio. The amendment also provides an Alternate Base Rate that may be substituted for LIBOR.