LONG-TERM DEBT |
6 Months Ended |
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Oct. 01, 2022 | |
| Debt Disclosure [Abstract] | 听 |
| LONG-TERM DEBT | LONG-TERM DEBT Term Debt Facility
On August 11, 2022, the Company entered into a delayed draw Term Loan Agreement (the 鈥淒DTL Agreement鈥). Under the DDTL Agreement, the lenders have agreed to provide up to three separate delayed draw term loans (each, a 鈥淒elayed Draw鈥) to the Company in an aggregate principal amount of up to $1.0听billion (which may be increased to $1.1听billion subject to the terms and conditions of the DDTL Agreement). The DDTL Agreement has a stated termination date of the earlier of December 30, 2024 or the two-year anniversary of the latest Delayed Draw under the DDTL Agreement.
Subject to the terms and conditions of the DDTL Agreement, the Company may request extensions of the stated termination date. Any commitments of the lenders to provide Delayed Draws (鈥淒DTL Commitments鈥) that remain undrawn will automatically
terminate on December 30, 2022. Interest on the borrowings under the DDTL Agreement will generally be at Term Secured Overnight Financing Rate ("SOFR"), plus a 10 basis point credit spread adjustment, plus a margin. The margin ranges from 0.70% to 0.875% per annum based on the Company鈥檚 credit ratings. A ticking fee of 0.07% per annum on the undrawn DDTL Commitments accrues during the period from November 10, 2022 to December 29, 2022. The Company is permitted at any time to terminate unused DDTL Commitments and to prepay outstanding Delayed Draws without premium or penalty.
大象传媒 completed its first draw under the DDTL Agreement of $800.0 million on October 18, 2022, which will mature no later than December 30, 2024. In connection with the draw, 大象传媒 elected a base rate of one-month term SOFR.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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