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Borrowings
12 Months Ended
Oct. 01, 2016
Short-term Debt [Abstract]  
Borrowings
BORROWINGS
We have several lines of credit which allow us to borrow in the applicable local currency. We have a total of $13.2 million of unsecured foreign lines of credit as of October 1, 2016. At October 1, 2016, we had used $1.6 million of these available foreign lines of credit as guarantees. These credit facilities were used in Europe and Japan during fiscal 2016. In addition, our domestic line of credit consists of a $50.0 million unsecured revolving credit account. The agreement will expire on May 31, 2017. The line of credit is subject to covenants related to financial ratios and tangible net worth with which we are currently in compliance. We have an outstanding balance of $20.0 million and have used $1.1 million for letters of credit against our domestic line of credit as of October 1, 2016. On November 4, 2016, we repaid the outstanding balance, plus accrued interest, on our domestic line of credit and terminated the credit facility.
On November 7, 2016, we entered into a Credit Agreement (the “Credit Agreement”) with Barclays Bank PLC ("Barclays"), Bank of America, N.A. ("BAML") and The Bank of Tokyo-Mitsubishi UFJ, Ltd. ("MUFG"). The Credit Agreement provided for a 670.0 million Euro senior secured term loan facility (the “Euro Term Loan”) and a $100.0 million senior secured revolving credit facility. On November 7, 2016, the Euro Term Loan was drawn in full and its proceeds were used to finance the acquisition of Rofin and pay related fees and expenses. Also, on November 7, 2016, we used 10.0 million Euro of the capacity under the revolving credit facility for the issuance of a letter of credit. We paid $5.2 million of debt issuance costs in fiscal 2016 and recorded it to other assets on our consolidated balance sheets as we had not drawn down the debt as of October 1, 2016. The debt issuance cost related to the term loan facility will be reclassified to debt in the first quarter of fiscal 2017. In the fourth quarter of fiscal 2016, we recorded an interest charge of $1.1 million interest expense within other income (expense) in our consolidated statement of operations related to the debt financing commitment. See Note 16, "Subsequent Events" for further discussion of the issuance of the financing.