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Subsequent Events
9 Months Ended
Feb. 23, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Debt Covenant Amendment
As disclosed in Note 7 - Debt, on March 19, 2020, the Company entered into the Seventh Amendment, which increased the Total Leverage Ratio covenant to 5.75 to 1.00 from 5.00 to 1.00 for the period ending February 23, 2020. The Seventh Amendment also created minimum monthly EBITDA, and maximum capital expenditure covenants through May 31, 2020. Finally, the Seventh Amendment added reporting requirements and frequencies. In connection with the execution of the Seventh Amendment, the Company paid $0.5 million in bank fees.
COVID-19 Pandemic
There are many uncertainties regarding the current novel coronavirus (“COVID-19”) pandemic, including the scope of scientific and health issues, the anticipated duration of the pandemic, and the extent of local and worldwide social, political, and economic disruption it may cause. While, to the Company’s knowledge, the COVID-19 pandemic has not yet materially impacted its business, operations, or financial results, it may have far-reaching impacts on many aspects of its operations, directly and indirectly, including with respect to its impacts on customer behaviors, business and manufacturing operations, inventory, the Company’s employees, and the market generally, and the scope and nature of these impacts continue to evolve each day. The Company expects to continue to assess the evolving impact of the COVID-19 pandemic, and intends to make adjustments to its responses accordingly.