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Subsequent Event
6 Months Ended
Oct. 31, 2020
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event    On November 8, 2020, we entered into an Equity Purchase Agreement with (a) Buck’s, Inc., a Nebraska corporation, Chicago SPE (N), Inc., a Delaware corporation, Buchanan Energy (N), LLC, a Delaware limited liability company, Buchanan Energy (S), LLC, a Delaware limited liability company, Buck’s Inc. of Collinsville, a Nebraska corporation, and C.T. Jewell Company, Inc., a Nebraska corporation, and Buck’s Intermediate Holdings, LLC, a Nebraska limited liability company (each of the foregoing entities is a “Seller Company”, and all of the foregoing companies collectively are the “Seller Companies”); (b) Buck’s Holdco, Inc., a Nebraska corporation (the “Seller”); and (c) Steven Buchanan and certain other shareholders and members. Pursuant to the terms of the Equity Purchase Agreement, following restructuring of the Seller Companies and Seller for tax purposes, the Company will acquire all of the Seller’s equity of Buck’s Intermediate, which at closing will own 100% of the limited liability company interests of the remaining Seller Companies, for an aggregate purchase price in cash of $580 million, subject to customary post-closing adjustments. The acquisition of Buchanan Energy will include 94 retail stores and 79 dealer locations, as well as multiple parcels of real estate for future new store construction. The Company will finance the proposed transaction with a combination of cash on hand, revolver capacity and bank financing. The proposed transaction is anticipated to close by December 31, 2020, subject to customary closing conditions and regulatory approval.On November 8, 2020, the Company entered into a commitment letter (“Commitment Letter”) with Goldman Sachs Bank USA (“Goldman”), pursuant to which Goldman committed to lend the Company up to $100 million under a new senior unsecured 364-day bridge loan facility (the “Bridge Loan”). If the Company enters into the Bridge Loan, the proceeds of the Bridge Loan will be used to finance a portion of the cash consideration payable for the proposed transaction. The Bridge Loan is contemplated to have a 364-day term. Indebtedness under the Bridge Loan will bear interest, at the Company’s option, (i) at a base rate, plus a margin to be determined based on the Company’s leverage ratio calculated in accordance with the definitive Bridge Loan documents or (ii) a floating rate based on the Eurodollar rate, which rate can range from 1.50% to 3.00% for base rate loans and 2.50% to 4.00% for Eurodollar loans. The closing of the Bridge Loan is subject to, among other things, the completion of the proposed transaction, the negotiation and execution of definitive documentation acceptable to the parties and closing contingencies.