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SUBSEQUENT EVENTS
9 Months Ended
Mar. 31, 2013
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

11.                                         SUBSEQUENT EVENTS

 

On April 19, 2013, the Company entered into an amended and restated credit agreement (collectively, the “New Credit Facility”), that provides for a $1.07 billion senior secured credit facility comprised of a $370.0 million, five-year term loan and a $700.0 million, five-year revolving credit facility. The maturity date for the New Credit Facility was extended to April 19, 2018. Loans under the New Credit Facility will bear interest at a variable rate of interest equal to either the applicable base rate or LIBOR, plus in each case an interest margin determined by the Company’s leverage ratio, with a range of base rate margins from zero basis points to 100 basis points and a range of LIBOR margins from 100 basis points to 200 basis points.

 

On April 24, 2013, the Company’s Board of Directors approved a new share repurchase plan under which, subject to price and market conditions, purchases of shares of common stock can be made from time to time in the open market or in private negotiated transactions using available cash, in an aggregate amount of up to $300.0 million.

 

On April 24, 2013, the Company entered into an accelerated share repurchase agreement with J.P. Morgan Securities LLC (“JPMorgan”) under which it paid JPMorgan $150.0 million and JPMorgan delivered 2,349,364 shares of the Company’s common stock on April 26, 2013, representing a substantial majority of the shares expected to be repurchased under the agreement. Upon final settlement of the agreement, the Company may receive additional shares or pay additional cash or shares (at its option) based on a discount to the average of the daily volume weighted average price of the Company’s common stock during the repurchase period. The agreement is subject to customary termination and adjustment provisions following the occurrence of specified events, including major corporate transactions such as announcements of mergers and acquisitions.