BANK BORROWINGS AND LONG TERM DEBT

6 Months Ended

Sep. 28, 2018

Debt Disclosure [Abstract]

BANK BORROWINGS AND LONG TERM DEBT

BANK BORROWINGS AND LONG TERM DEBT

Term Loan Facility due September 2023 

In July 2018, the Company entered into a $200 million term loan facility (the "Facility"). The Facility will be used to fund capital expenditure to support our expansion plan for India. The availability period during which drawdown can be made will be from the date of the agreement to and including June 30, 2019. The maximum maturity of each drawdown will be 5 years from the funded Capex shipment date. As a result, the longest maturity date of any future drawdown under the Facility will be June 30, 2024. Borrowings under this term loan bear interest at LIBOR plus a margin of 1.15%. The Facility is unsecured, guaranteed by the Company, and contains customary restrictions on the ability of the Company and its subsidiaries to (i) incur certain debt, (ii) make certain investments, (iii) make certain acquisitions of other entities, (iv) incur liens, (v) dispose of assets, (vi) make non-cash distributions to shareholders, and (vii) engage in transactions with affiliates. These covenants are subject to certain exceptions and limitations. This Facility agreement also requires that the Company maintain a maximum ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation and amortization), and a minimum interest coverage ratio, as defined therein, during its term. As of September 28, 2018, the Company was in compliance with the covenants under this term loan agreement.