Subsequent Event

9 Months Ended

Mar. 30, 2013

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On April 15, 2013, we issued $100.0 million of fixed rate unsecured senior notes through a private placement transaction. We issued $50.0 million of the notes with a fixed interest rate of 3.73% per annum maturing April 15, 2023 and $50.0 million of the notes with a fixed interest rate of 3.88% per annum maturing April 15, 2025. Interest on the notes is payable semiannually.

The unsecured senior notes contain customary covenants, including, without limitation, covenants limiting priority indebtedness and liens. Specifically, we are required to maintain a ratio of consolidated total indebtedness to consolidated EBITDA of not greater than 3.50 to 1.00, which may be increased to 3.75 to 1.00 for a period of time following certain permitted acquisitions. Additionally, we are required to maintain a ratio of consolidated EBITDA to consolidated interest expense of at least 3.00 to 1.00. There is also a make-whole provision, as well as restrictions on mergers, consolidations, sales of assets and transactions with affiliates.

The proceeds were used to refinance existing floating rate debt under our unsecured revolving credit facility and accounts receivable securitization facility.