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Subsequent Events Subsequent Events | 6 Months Ended
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Jun. 30, 2016
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12. | SUBSEQUENT EVENTS
July 2016 Refinancing of the Senior Secured Term Loan B and Entry into a New Term Loan A In July 2016, the Company refinanced its existing $1,858 million Term Loan B ("Existing Term Loan B") due July 2020. The new Term Loan B ("New Term Loan B") was issued at par in the amount of $1,100 million with a maturity date in July 2022. The New Term Loan B bears the same interest rate as the Existing Term Loan B. The New Term Loan B provides for quarterly amortization payments totaling 1% per annum and commencing September 30, 2016. Concurrently, the Company entered into a new Term Loan A ("New Term Loan A") in the amount of $355 million with a maturity date in July 2021 under its existing Term Loan A Facility and on terms substantially similar to its existing Term Loan A ("Existing Term Loan A"). The interest rates with respect to term loans under the New Term Loan A are based on, at the Company's option, adjusted LIBOR plus an additional margin or ABR plus additional margin, in each case subject to the following adjustments based on the Company's current senior secured leverage ratio:
Senior Secured Leverage Ratio | Applicable LIBOR Margin | Applicable ABR Margin
Greater than 3.50 to 1.00 | 2.50% | 1.50%
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 | 2.25% | 1.25%
Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 | 2.00% | 1.00%
Less than 2.00 to 1.00 | 1.75% | 0.75%
The New Term Loan A provides for quarterly amortization payments on the last day of each quarter, totaling per annum 2.5%, 2.5%, 5.0%, 7.5% and 10.0% of the original principal amount of the New Term Loan A, commencing September 30, 2016 through maturity with the last amortization payment made on June 30, 2021. The Company used the net proceeds from the New Term Loan B and New Term Loan A, along with revolver borrowings of $225 million and cash on-hand, to repay the Existing Term Loan B, reducing Term Loan B borrowings from $1,858 million to $1,100 million. Dividend Policy On August 3, 2016, the Company’s Board of Directors approved the initiation of a quarterly cash dividend policy on its common stock. The Board has declared a cash dividend of $0.09 per share of the Company’s common stock, payable on August 31, 2016 to stockholders of record as of the close of business on August 17, 2016. The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations, contractual restrictions, including restrictive covenants contained in the Company’s credit agreement, and the indenture governing the Company’s outstanding debt securities, capital requirements and other factors that the Board of Directors deems relevant.

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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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