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Subsequent Events | 3 Months Ended
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Sep. 30, 2016
Subsequent Events [Abstract] |
Subsequent Events | 13.Subsequent Events On September 13, 2016, the Company entered into an Asset Purchase Agreement (the “Purchase”) with Zebra Technologies Corporation, a Delaware corporation (“Zebra”), to purchase Zebra’s wireless LAN business (the “Business”). Under the terms of the Purchase, the Company acquired customers, employees, technology and other assets of the Business, as well as assumed certain contracts and other liabilities of the Business, for a cash purchase price of approximately $55.0 million, subject to certain adjustments related to net working capital and deferred revenue of the Business on October 28, 2016 (the “Closing”). Pursuant to certain ancillary agreements, Zebra will also provide the Company with access to certain technology related to the Business, as well as transition services for a period of time following the Closing. The acquisition will be accounted for using the acquisition method of accounting whereby the acquired assets and liabilities of the Business will be recorded at their respective fair values and added to those of the Company including an amount for goodwill representing the difference between the acquisition consideration and the fair value of the identifiable net assets. Results of operations of the Business will be included in the operations of the Company beginning with the Closing. The Company expects to include a preliminary determination of the acquisition consideration and detail of the assets acquired and liabilities assumed in the Company’s consolidated financial statements for the quarter ending December 31, 2016. During the three months ended September 30, 2016, the Company recognized transaction costs of $2.3 million which is included in “Acquisition and integration costs” in the accompanying condensed consolidated statements of operations. Borrowing Facility Commensurate with the Closing, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with Silicon Valley Bank, JPMorgan Chase Bank, N.A., Bank of America, N.A., Cadence Bank, N.A., and Comerica Bank (collectively, the “Lenders”). The Credit Agreement provides for a five-year $90.5 million term loan and a five-year $50.0 million revolving credit facility, which includes a $5.0 million swing line loan sub facility and a $10.0 million letter of credit sub facility. The Credit Agreement among other things, amends and restates the Company’s existing credit facility. At the Closing, the Company incurred $100.5 million of indebtedness to pay off existing debt and to finance the acquisition of the Business. Borrowings under the term loan bear interest, at our option, at a rate equal to either the LIBOR rate (subject to a 0.0% LIBOR floor), plus an applicable margin (currently 3.25% per annum based on a stated consolidated leverage ratio) or the adjusted base rate, plus an applicable margin (currently 1.25% per annum based on our consolidated leverage ratio). Borrowings under the revolving credit facility bear interest, at the Company’s option, at a rate equal to either the LIBOR rate (subject to a 0.0% LIBOR floor), plus an applicable margin (currently 3.25% per annum based on a stated consolidated leverage ratio) or the prime lending rate, plus an applicable margin (currently 1.25% per annum based on a stated consolidated leverage ratio). The revolving credit facility has a commitment fee payable on the undrawn amount ranging from 0.375% to 0.50% per annum based upon a stated consolidated leverage ratio. The Credit Agreement is collateralized by substantially all assets of the Company.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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