Subsequent Events

6 Months Ended

Jul. 17, 2021

19. SUBSEQUENT EVENTS

The company has evaluated subsequent events since July 17, 2021, the date of these financial statements. We believe there were no material events or transactions discovered during this evaluation that require recognition or disclosure in the financial statements other than the item discussed below.

Seventh Amendment to Amended and Restated Credit Agreement

On July 30, 2021, the company entered into the seventh amendment (the “Amendment”) to its amended and restated credit agreement (as amended by the Amendment, the “Amended Credit Agreement”). The Amendment, among other things, does the following:

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extends the maturity date of the amended and restated credit agreement to July 30, 2026;

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amends the applicable margin for revolving loans maintained as (1) base rate loans and swingline loans to a range of 0.00% to 0.525% (from a range of 0.00% to 0.575% in the amended and restated credit agreement) and (2) Eurodollar loans to a range of 0.815% to 1.525% (from a range of 0.575% to 1.575% in the amended and restated credit agreement), in each case, based on the more favorable (to the company) of (x) the leverage ratio of the company and its subsidiaries and (y) the company’s debt rating;

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amends the applicable facility fee to a range of 0.06% to 0.225% (from a range of 0.05% to 0.30% in the amended and restated credit agreement), due quarterly on all commitments under the Amended Credit Agreement, based on the more favorable (to the company) of (x) the leverage ratio of the company and its subsidiaries and (y) the company’s debt rating;

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appoints Deutsche Bank Trust Company Americas as successor administrative agent to Deutsche Bank AG New York Branch; and

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adds provisions to address LIBOR transition.

The aggregate principal amount of the senior unsecured revolving credit facility under the Amended Credit Agreement is $500 million, which is identical to the aggregate principal amount of the credit facility under the amended and restated credit agreement.