Subsequent Event

9 Months Ended

Sep. 30, 2013

Subsequent Events

Debt Refinance

In October 2013, the Company entered into new senior secured credit facilities, pursuant to which the Company was able to reduce interest rates, extend maturities and increase its available liquidity compared to the existing Credit Agreement. Below is a summary of the key terms of the new facilities:



Instrument	Amount ($ in millions)		Maturity Date	Initial Interest Rate
Senior Secured Revolving Credit facility	$	575.0	10/16/2018	LIBOR plus 1.625%
Senior Secured Term Loan A facility	$	175.0	10/16/2018	LIBOR plus 1.625%

The Company used the proceeds from borrowings under the new facilities to repay all outstanding amounts under the existing Credit Agreement.

Acquisition

In October 2013, the Company acquired the stock of Mac Fasteners, Inc. ("Mac Fasteners") for the cash purchase price of approximately $34 million, plus the potential for up to approximately $6 million of contingent consideration, payable based on attainment of certain future operating results. The purchase price remains subject to the finalization of a net working capital adjustment, if any, which is expected to be completed by the end of the first quarter of 2014. Mac Fasteners is in the business of manufacturing and distribution of stainless steel aerospace fasteners, globally utilized by OEMs, aftermarket repair companies, and commercial and military aircraft producers. Mac Fasteners generated approximately $17.5 million in revenue for the twelve months ended September 30, 2013 and will be included in the Company's Aerospace & Defense reportable segment.