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Credit Facility

9 Months Ended

Mar. 26, 2020

Debt Disclosure [Abstract]

Credit Facility

Note 6 – Credit Facility

On March 5, 2020, we entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) which amended and restated our Credit Agreement dated as of February 7, 2008 (the “Former Credit Agreement”). The Amended and Restated Credit Agreement provides for a $117,500 senior secured revolving credit facility (the “Credit Facility”) with the same borrowing capacity, interest rates and applicable margin as the Former Credit Agreement and extends the term of the Former Credit Agreement from July 7, 2021 to March 5, 2025. The Credit Facility is secured by substantially all our assets other than real property and fixtures.

Enhanced features for the Amended and Restated Credit Agreement include, but are not limited to, the additions and amendments listed below:

• The maximum incremental revolver was increased to $50,000.

• The purchase-money and capital lease basket was increased to $10,000.

• A new basket for unsecured subordinated indebtedness of $10,000 and a new basket for additional unsecured indebtedness of $20,000 were added.

• For permitted acquisitions, a new two-tier alternative test was added. For any acquisition by the Company, either (a) revolver availability plus unrestricted cash must be equal to or greater than $20,000 after giving effect to the acquisition, or (ii) revolver availability plus unrestricted cash must be equal to or greater than $15,000 and the pro forma fixed charge coverage ratio must be equal to or greater than 1.00:1.00, in each case after giving effect to the acquisition.

• The aggregate amount of dividends and distribution permitted in any fiscal year was increased to $75,000, subject to the same existing conditions of no defaults and a minimum excess availability of $30,000.

• The Company is allowed unlimited investments as long as (a) there are no existing defaults and (b) revolver availability plus unrestricted cash is not less than $20,000 after giving effect to the proposed investment.

• The definition of fixed charges was amended to increase the threshold exclusion of dividends and distributions to $40,000.

At March 26, 2020, we had $76,150 of available credit under the Credit Facility which reflects borrowings of $38,175 and reduced availability as a result of $3,175 in outstanding letters of credit. As of March 26, 2020, we were in compliance with all financial covenants under the Credit Facility and Mortgage Facility.  

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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