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Subsequent Events
12 Months Ended
Apr. 02, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

On April 4, 2017, the Company completed its purchase of all of the outstanding common stock, par value of $0.001 per share, of GigPeak, Inc. (GigPeak), in an all-cash transaction for approximately $250 million. GigPeak was a publicly listed company headquartered in San Jose, California that was a global supplier of semiconductor ICs and software solutions for high-speed connectivity and high-quality video compression over the network and the cloud. At the time of the issuance of the Company’s consolidated financial statements as of and for the fiscal year ended April 2, 2017, the initial accounting for the acquisition of GigPeak, including purchase price allocation, was yet to be completed.

The Company funded the acquisition from its available cash on hand and net proceeds from borrowings under its credit facility entered into on April 4, 2017 with JPMorgan Chase Bank, N.A. as administrative agent and the various lenders signatory thereto (the “Credit Agreement”). The Credit Agreement provides for a $200 million term loan facility (Initial Term B Loan). In addition, the Company may request incremental term loan and/or incremental revolving loan commitments in an aggregate amount not to exceed the sum of $200 million and an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio test; provided, however that incremental revolving loan commitments may not exceed $50 million . The Company also used portion of the proceeds of the loan to pay off GigPeak’s existing credit facility with Silicon Valley Bank and to pay acquisition-related expenses.

The maturity date of the Initial Term B Loan is April 4, 2024; provided that if any Convertible Notes (see Note 18) are outstanding on August 16, 2022, the maturity date of which had not otherwise been extended to a date that is no earlier than 91 days after April 4, 2024, the Initial Term B Loan maturity date shall instead be August 16, 2022, unless the Company and its guarantors shall have cash, permitted investments and/or unwithdrawn revolving credit commitments in an aggregate amount not less than the aggregate principal amount of then outstanding Convertible Notes. The Company may prepay the Initial Term B Loan, in whole or in part, at any time without premium or penalty, subject to certain conditions, and amounts repaid or prepaid may not be reborrowed. For the initial three-month period through June 30, 2017, the interest rate on the Initial Term B Loan is approximately 4.15%.