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SUBSEQUENT EVENTS (Notes)
9 Months Ended
Apr. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS

Acquisition of Haddon House Food Products, Inc. and certain related affiliates.

On May 13, 2016, the Company completed the acquisitions all of the outstanding equity interests of Haddon House Food Products, Inc. and certain affiliated entities for an aggregate purchase price of approximately $217.5 million (the “Purchase Price”) in cash, subject to a post-closing net working capital adjustment.

The Company financed the Purchase Price through a combination of available cash and borrowings under the Company’s amended and restated revolving credit facility, as amended.

Interest Rate Swap Agreements

On June 7, 2016, the Company entered into two interest rate swap agreements to hedge against LIBOR movements on the current variable rate related to the Company’s amended and restated revolving credit facility.

The first agreement has an effective date of June 9, 2016 and expires in June of 2019. This interest rate swap agreement has a notional principal amount of $50.0 million and provides for the Company to pay interest for a three year period at a fixed annual rate of 0.8725% while receiving interest for the same period at one-month LIBOR on the same notional principal amount. This swap, in conjunction with the amended and restated revolving credit facility, effectively fixes the interest rate on the $50.0 million notional amount to a rate of 2.1225% for the remainder of the first twelve months following the date of the Amendment.

The second agreement has an effective date of June 9, 2016 and expires concurrent with the scheduled maturity of our amended and restated revolving credit facility in April of 2021. This interest rate swap agreement has a notional principal amount of $25.0 million and provides for the Company to pay interest for a five year period at a fixed rate of 1.065% while receiving interest for the same period at one-month LIBOR on the same notional principal amount. This swap, in conjunction with the amended and restated revolving credit facility, effectively fixes the interest rate on the $25.0 million notional amount to a rate of 2.315% for the remainder of the first twelve months following the date of the Amendment.