SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

14.  SUBSEQUENT EVENTS

In April 2020, we terminated our two existing interest rate swaps entered into in December 2018 and February 2019 underlying our Term Loan and DDTL with Citizens, Bank N.A., respectively. At the same time, we entered into a new interest rate swap with Citizens Bank, N.A. to continue managing our exposures to variable rates underlying the total borrowing under the Term Loan and DDTL. 'Ihe hedge matures in December 2026, has an initial notional amount of $184.2 million and provides an effective fixed rate of 1.99%.

As previously announced, Arthur S. Przybyl will depart as President and Chief Executive Officer on May 10, 2020. Our Board of Directors has retained an executive search firm to lead the search for a new President and Chief Executive Officer, and has appointed Patrick D. Walsh interim President and CEO, effective May 11, 2020, until such time that Mr. Przybyl’s permanent replacement is identified.