Subsequent Event |
12 Months Ended | ||
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Dec. 30, 2018 | |||
Subsequent Events [Abstract] | |||
Subsequent Event |
On February 5, 2019, the Company entered into a confirmation of acceptance (the “Confirmation of Acceptance”) to sell $100 million aggregate principal amount of senior unsecured notes due 2026 (the “2026 Notes”) to MetLife Investment Advisors, LLC (“MetLife”) and certain of its affiliates (the “MetLife Affiliates”) pursuant to a Note Purchase and Private Shelf Agreement dated January 23, 2019 between the Company, MetLife and each MetLife Affiliate that becomes party thereto. Pursuant to the Confirmation of Acceptance, the Company has agreed to sell $100 million aggregate principal amount of the 2026 Notes on or before April 10, 2019. The 2026 Notes will bear interest at 3.93% and will mature on October 10, 2026, unless earlier redeemed by the Company. Interest on the 2026 Notes will be payable quarterly in arrears on each January 10, April 10, July 10 and October 10, commencing on July 10, 2019. The Company expects to use the proceeds for refinancing of debt and general corporate purposes. As of the date of this filing, the Company may request that MetLife consider the purchase of additional senior unsecured notes of the Company under the agreement in an aggregate principal amount of up to $200 million.
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