v3.26.3
Subsequent Events
3 Months Ended
Aug. 29, 2026
Subsequent Events [Abstract]  
Subsequent Events
Note
11
- Subsequent
Events
On August
31,
2026,
the
Company,
as
borrower,
and
certain
of
its wholly-owned
direct and
indirect domestic
subsidiaries, as
guarantors,
entered
into a
Second
Amended
and
Restated
Credit Agreement effective
as of
that
date
(the “Credit Agreement”),
which
amend
ed
and
restate
d
the
Company’s
prior Amended
and
Restated
Credit Agreement
,
dated
November
15,
2021
(as
amended
from
time to time)
.
The
Credit Agreement
provides
for
a
senior unsecured
revolving credit facility in an
initial aggregate principal amount
of up
to
$
250
million (the
“Revolver”),
including a
$
25
million sublimit for
the
issuance
of
standby
letters of
credit and
a $
25
million
sublimit
for
swingline
loans
(collectively,
the
“Credit
Facility”).
The
Credit
Facility
also
includes
an
accordion
feature
permitting
the
Company,
with the
consent
of
the
administrative
agent,
to
increase
the
Credit Facility by up
to $
250
million in
the
aggregate
with one
or more
incremental
senior term loans
or an
increase in the
revolving commitments
under the
Revolver.
The Credit
Facility has
a term
of
five years
and
will
mature
on
August 31, 2031
.
Borrowings
under
the
Credit
Facility bear
interest, at
the
Company’s
election,
based
on
either the
Term
SOFR Rate
plus the
Applicable
Margin or
the Base
Rate
plus the Applicable
Margin, each
as defined
in the Credit Agreement.
The
Credit
Agreement
contains
customary
affirmative
and
negative
covenants,
including financial
covenants
requiring (i) a
maximum
Total Funded
Debt to Capitalization
Ratio tested quarterly
of no
greater than
50
% and
(ii)
maintenance
of Minimum
Tangible
Net Worth
at
all times
of
$
1.5
billion plus
50
% of
consolidated
net
income
(if net
income
is positive), less
permitted
restricted
payments
for each
fiscal quarter
after
May
30, 2026.