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Subsequent Events
9 Months Ended
Oct. 01, 2011
Subsequent Events [Abstract] 
Subsequent Events

NOTE 18 SUBSEQUENT EVENTS

On October 4, 2011, the Company acquired all of the outstanding capital stock of Ophir Optronics Ltd. (Ophir) for an aggregate purchase price of $242.3 million in cash. The Company funded the purchase price with a combination of $162.8 million of cash on hand and $79.5 million of the net proceeds received by the Company from the new senior secured credit facility described below. This acquisition adds precision infrared optics, photonics instrumentation and three-dimensional non-contact measurement equipment to the Company's product offerings.

On October 4, 2011, the Company entered into a new credit agreement with certain lenders (Credit Agreement). The Credit Agreement provides for a new senior secured credit facility consisting of a $185 million term loan and a $65 million revolving line of credit, each with a term of five years. The Credit Agreement replaced the Company's existing domestic revolving line of credit described in Note 10. The initial interest rates per annum applicable to amounts outstanding under the term loan and the revolving line of credit are, at the Company's option, either (a) the base rate as defined in the Credit Agreement (Base Rate) plus 1.75%, or (b) the Eurodollar Rate as defined in the Credit Agreement (Eurodollar Rate) plus 2.75%. The margins over the Base Rate and Eurodollar Rate applicable to the term loan and loans outstanding under the revolving line of credit are subject to adjustment in future periods based on the consolidated leverage ratio of the Company, as defined in and calculated pursuant to the Credit Agreement; provided, that the maximum applicable margins are 2.00% for Base Rate loans and 3.00% for Eurodollar Rate loans, and the minimum applicable margins are 1.25% for Base Rate loans and 2.25% for Eurodollar Rate loans. The terms and conditions of the Credit Agreement are described in more detail in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on October 7, 2011.

The Company used $79.5 million of this new credit facility to fund a portion of the purchase price for its acquisition of Ophir, and deposited $100.0 million into a blocked account to be used only for repayment of the $126.8 million outstanding principal amount of the Company's subordinated convertible notes when due in February 15, 2012. The Company is required to deposit the remaining funds required to repay such convertible notes into such blocked account by December 31, 2011. The Company's borrowing availability under the new revolving credit facility is reduced by the amount of the funding shortfall in the blocked account until such time as the Company deposits such amount in the account. The remaining amounts available under the credit facility may be used for other corporate purposes.