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Subsequent Event | 9 Months Ended
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Oct. 28, 2017
Subsequent Events [Abstract] |
Subsequent Event | (19) Subsequent Event On November 30, 2017, the Parties entered into a Second Amendment to the Credit Agreement with Bank of America, N.A., which provides for a term loan to the Company in the principal amount of $15.0 million, in addition to a revolving credit facility for the Company and the term loan previously borrowed by ANI APS at the original closing under the Credit Agreement. The Company borrowed the entire $15.0 million upon the closing of the Second Amendment on November 30, 2017 and used the proceeds to repay the entire $14.6 million principal balance of the revolving loan outstanding under the revolving credit facility as of October 28, 2017. The remaining proceeds from the $15.0 million term loan were retained by the Company to be used for general corporate purposes. Effective upon the closing of the Second Amendment, the principal amount of the revolving credit facility under the Credit Agreement, which had been temporarily increased to $15.0 million pursuant to the First Amendment, was reduced to $10.0 million and the revolving credit facility termination and maturity date was extended from January 31, 2022 to November 22, 2022. The $15.0 million Term Loan bears interest at a rate per annum equal to, at the Company’s option, either (a) the Eurocurrency Rate (as defined in the Credit Agreement), plus a margin that varies within a range of 1.0% to 1.5% based on the Company’s consolidated leverage ratio, or (b) a fluctuating reference rate equal to the highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America’s publicly announced prime rate or (iii) the Eurocurrency Rate plus 1.00%, plus a margin that varies within a range of 0.0% to 0.5% based on the Company’s consolidated leverage ratio. The term loan is required to be paid in quarterly installments on the last day of each fiscal quarter of the Company over the term of the amended Credit Agreement, commencing with its fiscal quarter ending on January 31, 2018. The principal amount of each quarterly installment required to be paid is $750,000, and any remaining principal balance of the term loan is required to be paid on November 30, 2022. The Company’s obligations in respect to the term loan are secured by the same assets as those securing its obligations under the revolving credit facility under the Credit agreement. In connection with the Second Amendment, the Company entered into certain hedging arrangements with Bank of America to manage the variable interest rate risk associated with its payments in respect to the $15.0 million term loan.

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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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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