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Subsequent Events
12 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS
Credit facility refinance On November 5, 2012, we refinanced our Existing Facility and entered into an amended and restated credit agreement (the “New Credit Facility”). The New Credit Facility consists of a $400.0 million revolving credit facility and a $200.0 million term loan facility. The interest rate on the New Credit Facility is based on the Company’s leverage ratio and can range from LIBOR plus 1.75% to 2.25% with no floor. The initial interest rate is LIBOR plus 2.00%. The revolving credit facility and the term loan facility both have maturity dates of November 5, 2017.
The proceeds from the New Credit Facility were used to repay all borrowings under the Existing Facility and to pay related transaction fees and expenses associated with the refinance of the Existing Facility, and will also be available for permitted share repurchases, permitted dividends, permitted acquisitions, ongoing working capital requirements and other general corporate purposes. The New Credit Facility is guaranteed by the Company and its subsidiaries, and is secured by substantially all of the assets of the Company and its subsidiaries. The agreement includes negative covenants that are usual for facilities and transactions of this type. It additionally includes certain financial covenants with respect to a minimum fixed-charge coverage ratio, a maximum leverage ratio, and maximum capital expenditures.
The term loan facility requires amortization in the form of quarterly installments of $5.0 million beginning in March of 2013. We will be required to make certain mandatory prepayments under certain circumstances and will have the option to make certain prepayments under the New Facility. The New Credit Facility includes events of default (and related remedies, including acceleration and increased interest rates following an event of default) that are usual for facilities and transactions of this type. As a result of the refinancing transaction, we expect to incur a charge in the first quarter of fiscal 2013 of approximately $0.8 million for the write off of a portion of our deferred financing fees.
Repurchase of common stock Subsequent to the end of fiscal 2012, we repurchased an additional 1.0 million shares at an aggregate cost of $26.9 million. In November 2012, the Board of Directors approved a new program to repurchase up to an additional $100.0 million in shares of our common stock through November 2014.