Subsequent Events |
3 Months Ended |
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Jun. 30, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company evaluated subsequent events through the issuance date of the accompanying condensed consolidated financial statements, which was August 7, 2024. There were no events or transactions during the subsequent event reporting period that required disclosure in the condensed consolidated financial statements, other than:
The Company entered into a Fourth Amendment to the New Credit Agreement on August 6, 2024 to renegotiate its required covenants and address certain other matters. The Fourth Amendment to the New Credit Agreement amended the maximum consolidated secured net leverage covenant and the minimum consolidated net interest coverage covenant retroactive to June 30, 2024, reduced the Revolver by $100,000 to $425,000 (while retaining the $75,000 accordion feature), increased the annual interest rate for highest leverage ratio results, which will be SOFR plus between 1.00% and 3.75%, based on the Company’s consolidated leverage ratio, provided for payment against the outstanding Revolver balance to the extent the Company holds cash in excess of $40,000, and reduced the permitted investments threshold limit from $70,000 to $25,000.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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