ITEM 2.02. Results of Operations and Financial Condition.
On
Off-Balance Sheet Arrangement of a Registrant. As previously disclosed, the Company and certain of its subsidiaries are party to a Second Amended and Restated Credit Agreement datedMay 23, 2017 , as further amended (the "Credit Facility"), with the lenders party thereto. The Credit Facility provides for a senior secured revolving credit facility with a maximum commitment of$850.0 million . A copy of the Credit Facility and the amendment thereto were filed as Exhibit 10.30 and Exhibit 10.31, respectively, to the Company's Form S-1 filed with theSecurities and Exchange Commission onFebruary 13, 2019 . The material terms of the Credit Facility are also described in Note 6 to the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year endedNovember 24, 2019 and Note 4 to the Company's audited consolidated financial statements included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter endedFebruary 23, 2020 . As ofApril 1, 2020 , the Company's unused availability under the Credit Facility was$819.5 million . OnApril 2, 2020 , the Company provided notice to its lenders to borrow$300.0 million under the Credit Facility. The current interest rate for such borrowing under the Credit Facility is equal to LIBOR plus 125 basis points. Following the draw down, the Company will have approximately$519.5 million of additional borrowing capacity remaining under the Credit Facility. The Company elected to borrow under the Credit Facility as a precautionary measure in order to increase its cash position and maximize liquidity given the uncertainty in global markets resulting from the COVID-19 pandemic. Following the draw down, the proceeds from the Credit Facility borrowings are expected to be held on the Company's balance sheet and may be used for general corporate purposes. ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The information provided below under Item 7.01 relating to the reduction in compensation of our Chief Executive Officer and other named executive officers is incorporated herein by reference. ITEM 7.01. Regulation FD Disclosure.
As part of the expense reduction measures being implemented by the Company in
response to the economic impacts of the COVID-19 pandemic, the Company's board
of directors has determined to temporarily reduce the base salary in effect for
the Company's Chief Executive Officer,
(d) Exhibits.
99.1 Press release issued by
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