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Subsequent Events
9 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
CARVE-OUT BUSINESS AQUISITION AND RELATED FINANCING ACTIVITIES
CARVE-OUT BUSINESS AQUISITION
On May 2, 2016, the Company closed its previously announced acquisition of the Carve-Out Business from Microsemi Corporation on a cash-free, debt-free basis for aggregate cash consideration of $300,000, subject to a working capital adjustment.
The acquisition and associated transaction and bank financing related fees and expenses were funded with a combination of a new $200,000 bank term loan A facility and cash on hand, which included net proceeds of approximately $94,392 from the Company’s issuance of 5,175 shares of common stock in an underwritten public offering concluded on April 13, 2016 (See Term Loan A and Revolving Credit Facilities and Equity Offering below). The Company anticipates aggregate transaction and bank financing related fees and expenses to be approximately $9,600.
CARVE-OUT BUSINESS AQUISITION RELATED FINANCING ACTIVITIES
TERM LOAN A AND REVOLVING CREDIT FACILITIES
On May 2, 2016, the Company entered into a $200,000 senior secured term loan A and $100,000 revolving credit facility with a syndicate of commercial banks, with Bank of America, N.A. acting as the administrative agent. The proceeds of the senior secured term loan A facility were used to partially fund the acquisition of the Carve-Out Business, and the revolving credit facility was undrawn at closing. Pursuant to the revolving credit facility the Company can, subject to compliance with the applicable financial covenants, borrow up to $100,000 for working capital acquisitions, and general corporate purposes of the Company and its subsidiaries. A copy of the Credit Agreement relating to the term loan A and revolving credit facility was filed as exhibit 10.1 to the Company’s Current Report on Form 8-K dated May 2, 2016.
EQUITY OFFERING
On April 4, 2016, the Company commenced an offering of 4,500 shares of its common stock pursuant to an underwritten public offering (the “Offering”). In connection with the Offering, the Company granted the underwriters an over-allotment option for 30 days to purchase up to an additional 675 shares of its common stock. The Offering was made pursuant to a shelf registration statement previously filed with the SEC on August 15, 2014. On April 13, 2016, the Company closed the Offering, including the full over-allotment allocation, selling an aggregate of 5,175 shares of common stock for total net proceeds of $94,392 after underwriting fees of $5,230. The Company anticipates additional fees and expenses associated with the equity offering of approximately $1,700.
EXISTING CREDIT FACILITY
In connection with the closing of the acquisition of the Carve-Out Business and entering into the new term loan A and revolving credit facilities discussed above, the Company terminated its existing revolving credit agreement with KeyBank on May 2, 2016.
GENERAL
The Company has evaluated subsequent events from the date of the consolidated balance sheet through the date the consolidated financial statements were issued.