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Subsequent Event
3 Months Ended
May 05, 2018
Subsequent Event  
Subsequent Event

(12) Subsequent Event

Subsequent to the end of the quarter, the Company amended and restated the credit agreement governing its Revolving Line of Credit with a consortium of banks, led by Wells Fargo (“Amended and Credit Agreement”).   The revolving line of credit under the Amended and Restated Credit Agreement (the “New Line of Credit”) provides for $250.0 million in borrowing availability with an additional $40.0 million term loan provision (“New Term Loan”), both of which are subject to a borrowing base calculation.  The New Line of Credit contains the same affirmative and negative covenants as the Revolving Line of Credit.  The maturity date under the Amended and Restated Credit Agreement was extended to May 23, 2023.  The interest rate on the New Line of Credit remained the same as the Revolving Line of Credit while the New Term Loan bears interest at LIBOR plus 5.75%.  Subsequent to the closing of this agreement, the Company used additional borrowing capacity to repay the Term Loan in full.