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Subsequent Events
3 Months Ended
Jan. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Bank of America Short-Term Credit Facility

In February 2016, Maintech, Incorporated, an indirect wholly-owned subsidiary of the Company, as Borrower, entered into a $10.0 million 364-day revolving credit facility with Bank of America, N.A., as Lender. The facility is secured by a parental guarantee of up to $3.0 million and a first lien on the domestic assets of the Borrower. Proceeds will be used for working capital and general corporate purposes. Pricing is one-month LIBOR plus 2.75% on drawn amounts and a fixed rate of 0.375% on undrawn amounts. Under the agreement, the Borrower is not subject to any financial covenants, but is subject to usual representations, warranties, and customary affirmative and negative covenants. The provisions of the agreement will not preclude structuring and other activities required in anticipation of the Maintech sale. As of March 4, 2016, the amount drawn under this facility was $2.0 million.

Sale-Leaseback of Orange, California Facility

In February 2016, Volt Orangeca Real Estate Corp., an indirect wholly-owned subsidiary of the Company, entered into a Purchase and Sale Agreement (the “PSA”) with Glassell Grand Avenue Partners, LLC (the “Buyer”), a limited liability company formed by Hines, a real estate investment and management firm, and funds managed by Oaktree Capital Management L.P., an investment management firm, for the sale of real property comprised of land and buildings with office space of approximately 191,000 square feet in Orange, California (the “Property”) for a purchase price of $35.9 million. All costs related to the transaction will be paid by both parties in the manner consistent with customary practice for real property sales in Orange County, California.  The PSA contains customary representations, warranties and covenants.
  
Contemporaneously with the execution of the PSA, the Company executed a Lease Agreement (the “Lease”) with the Buyer that will become effective upon a closing of the sale of the Property, pursuant to which the Property will be leased back to the Company. The Lease will have an initial term that will expire on March 31, 2031 (the “Initial Term”), and two successive renewal terms of five years each, exercisable at the Company’s option.  The annual base rent will be $2.9 million for the first year of the Initial Term, and increase on each adjustment date by 3% of the then-current annual base rent.  A security deposit of $2.2 million is required for the first year of the lease term which will be secured by a letter of credit under the Company's existing Financing Program with PNC and will subsequently be reduced if certain conditions are met.  The Lease also contains other customary terms and provisions.

The sale of the Property closed on March 4, 2016 with terms consistent with the PSA and Lease. After the repayment of the mortgage on the Property along with transaction-related expenses and fees, the Company received net cash proceeds of $27.1 million from the sale of the Property.

Sale of Building in San Diego, California

In March 2016, Volt Opportunity Road Realty Corp., an indirect wholly-owned subsidiary of the Company, closed on the sale of real property comprised of land and building with office space of approximately 19,000 square feet in San Diego, California with a private commercial real estate investor. There was no mortgage on the property and net proceeds, after transaction-related expenses and fees, totaled $2.0 million.

Stock-Based Compensation Awards

In March 2016, the Compensation Committee authorized the issuance of approximately 185,000 shares of restricted stock units and stock options under the 2006 Incentive Stock Plan. These shares, when granted, will vest over a three-year period commencing in the second quarter of fiscal 2016.  There was no impact to the earnings per share for the first quarter of fiscal 2016.