SUBSEQUENT EVENTS

12 Months Ended

Feb. 22, 2014

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 15—SUBSEQUENT EVENTS

On April 17, 2014, the Company entered into an amendment to the Revolving ABL Credit Facility due March 2018 (the “ABL Amendment”) that reduced the interest rates for the facility, among other things. The new rates will be LIBOR plus 1.50 percent to LIBOR plus 2.00 percent or prime plus 0.50 percent to 1.00 percent, depending on utilization. The ABL Amendment also eliminated the springing maturity provision that would have accelerated the maturity of the facility to 90 days prior to May 1, 2016 if more than $250 of the Company’s 8.00 percent Senior Notes due May 2016 remained outstanding as of that date. The springing maturity provision was replaced with a springing reserve provision that calls for a reserve to be placed against availability under the facility in the amount of any outstanding Material Indebtedness (as defined in the Revolving ABL Credit Facility due March 2018) that is due within 30 days of the date the reserve is established. The ABL Amendment also amended the Revolving ABL Credit Facility due March 2018 to provide that the Company may incur additional term loans under the Secured Term Loan Facility due March 2019 in an aggregate principal amount of up to $500 instead of $250 as in effect prior to the ABL Amendment, subject to identifying term loan lenders or other institutional lenders willing to provide the additional loans and the satisfaction of certain terms and conditions. In addition, the ABL Amendment extended the maturity date of the facility to February 21, 2019 and contains modified covenants to give the Company additional strategic and operational flexibility.