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Subsequent Event
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Event
Sales and Leaseback Transaction
On April 23, 2015, the Company sold and leased back, under long-term capital leases, five of its properties located in Ohio and Florida for net proceeds of $23,000,000, which will be used to reduce debt on the Company’s revolving asset-based credit facility. The total annual rent for the properties will be $2,275,000 for the first year, and it will increase annually over the twenty year term of the leases based on the applicable geographical consumer price index.
Amendment to Revolving Credit and Security Agreement
On April 22, 2015, the Company entered into a First Amendment to Revolving Credit and Security Agreement (the “Amendment”), by and among the Company, the other Borrowers party thereto, the Guarantors party thereto, the Lenders party thereto, and PNC Bank, National Association, as agent for the Lenders, which amended the New Credit Agreement.
The Amendment provides for technical amendments to the New Credit Agreement, including: (1) revising various provisions of the New Credit Agreement to allow the Company to issue letters of credit denominated in foreign currencies other than those originally contemplated under the New Credit Agreement; and (2) amending certain covenants in the New Credit Agreement to permit the Company (i) to make a single acquisition of assets of a third-party for cash consideration not to exceed $500,000 on or before September 30, 2015 and (ii) to accept surrenders of Company shares by employees to facilitate the payment of tax withholding obligations in connection with employee equity compensation.
Departure of Named Officer
On April 21, 2015, the Company notified John M. Remmers, the Company’s Executive Vice President and General Manager of North America and Global Product Development, of the termination of his employment with the Company, effective as of that date. Matthew E. Monaghan, President and Chief Executive Officer, has assumed responsibility of the North America/HME and Institutional Products Group business segments on an interim basis.