SUBSEQUENT EVENT

4 Months Ended

May 24, 2014

SUBSEQUENT EVENT

SUBSEQUENT EVENT

12.  SUBSEQUENT EVENT

On June 30, 2014, the Company entered into an amended and restated $2,750 unsecured revolving credit facility (the “Amended and Restated Credit Agreement”), with a termination date of June 30, 2019, unless extended as permitted under the Amended and Restated Credit Agreement.  The Company has the ability to increase the size of the Amended and Restated Credit Agreement by up to an additional $750, subject to certain conditions.  This credit facility amended and restated the Company’s $2,000 credit facility that would otherwise have terminated on January 25, 2017.

Borrowings under the Amended and Restated Credit Agreement bear interest at the Company’s option, at either (i) LIBOR plus a market rate spread, based on the Company’s Leverage Ratio or (ii) the base rate, defined as the highest of (a) the Federal Funds Rate plus 0.5%, (b) the Bank of America prime rate, and (c) one-month LIBOR plus 1.0%, plus a market rate spread based on the Company’s Leverage Ratio.  The Company will also pay a Commitment Fee based on the Leverage Ratio and Letter of Credit fees equal to a market rate spread based on the Company’s Leverage Ratio.

The Amended and Restated Credit Agreement contains covenants, which, among other things, require the maintenance of a Leverage Ratio of not greater than 3.50:1.00 and a Fixed Charge Coverage Ratio of not less than 1.70:1.00.  The Company may repay the Amended and Restated Credit Agreement in whole or in part at any time without premium or penalty.  The Amended and Restated Credit Agreement is not guaranteed by the Company’s subsidiaries.