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SUBSEQUENT EVENTS
6 Months Ended
Jun. 29, 2013
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

14. SUBSEQUENT EVENT

 

Interest Rate Swap Agreement.  On July 26, 2013, the Company entered into an interest rate swap agreement with a term of approximately five years. The interest rate swap agreement hedges approximately $250 million of 1-month LIBOR-based variable rate debt obligations under the Term Loan. Under the terms of the agreement, the Company will pay a fixed interest rate of 1.288% on a notional amount of $250 million to the swap counterparty, which will amortize over the remaining life of the Term Loan to generally match the amortization of the underlying loan.  The Company will receive interest from the swap counterparty on $250 million at a variable rate based on 1-month LIBOR.