Subsequent Events

9 Months Ended

Jun. 29, 2019

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Issuance of Senior Unsecured Notes

On July 16, 2019, we issued $350,000 in aggregate principal amount of 5.750% senior unsecured notes due 2027 (the Notes). The Notes were issued pursuant to an Indenture dated as of July 16, 2019 among us, the Guarantors (as defined therein) and Wells Fargo Bank, National Association, as trustee (the Indenture). The Notes will mature on August 15, 2027. Interest will accrue at the rate of 5.750% per annum and will be payable semi-annually on each February 15 and August 15, with the first interest payment due on February 15, 2020. We used the net proceeds after discounts and expenses of approximately $344,000 from this offering to repay all outstanding debt under the Revolving Credit Facility, to repay a portion of the Term Facility and for general corporate purposes.

Termination of Interest Rate Swap

In connection with the repayment of a portion of the Term Facility, we terminated the associated interest rate swap. As of June 29, 2019, the interest rate swap had a total notional amount of $225,000. The market value of the interest rate swap as of June 29, 2019 was an asset of $1,664. See Note 8 for additional information on our interest rate swap.

Purchase of Assets

On August 5, 2019, we executed an agreement with Meggitt PLC (MGGT.L), to purchase the assets of their Endevco sensors business for a cash purchase price of approximately $70,000. Founded in 1947, Endevco is a historic leader in high performance test & measurement sensors used primarily in the testing of new products. This strategic product line purchase brings together two iconic brands in the test & measurement sensors market, in PCB and Endevco, and further enhances our long-term strategy of growth and market leadership in our core businesses.