Subsequent Events (Notes)

9 Months Ended

Apr. 23, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 26, 2016, the Company announced that its Board of Directors authorized an additional $100 million to repurchase shares of the Company's outstanding common stock through October 2017. As of May 26, 2016, $100 million remained available for repurchases.

On May 20, 2016, the Company and certain of its subsidiaries amended the Credit Agreement, dated as of December 3, 2012 (as amended as of May 20, 2016, April 24, 2015 and September 9, 2015, the “Amended Credit Agreement”), with the various lenders named therein. The amendment, among other things, establishes an additional term loan in the aggregate principal amount of $200.0 million thereby increasing the term loan facility to $350.0 million. The additional term loan is subject to terms and conditions substantially similar to those applicable to the existing term loan. After the incurrence of the additional term loan, the amendment provides the ability for the Company to enter into one or more incremental facilities, either by increasing the revolving commitments under the Credit Agreement and/or in the form of term loans, up to the greater of (i) $150.0 million and (ii) an amount such that, after giving effect to such incremental facility on a pro forma basis (assuming that the amount of the incremental commitments is fully drawn and funded), the consolidated senior secured leverage ratio (as defined in the Amended Credit Agreement) does not exceed 2.25 to 1.00.

The Company intends to use the proceeds of the additional term loan to pay down revolving loans, thus increasing availability under its revolving facility in the Amended Credit Agreement, and for general corporate purposes. The amendment also amends certain covenants to provide, among other things, more flexibility to the Company to incur debt and to make capital expenditures.