15.  SUBSEQUENT EVENTS

 

On April 20, 2017, we acquired substantially all of the assets of Superior, a residential insulation installation company located in Seattle, Washington.  The acquisition was accounted for as a business combination under ASC 805, “Business Combinations.”  The purchase price of approximately $11.0 million was funded by cash on hand.  During the measurement period, we expect to receive additional detailed information to complete the purchase allocation.

 

On May 5, 2017, we entered into a new Senior Secured Credit Agreement (the “New Credit Agreement”) with Bank of America, N.A. as administrative agent and the other lenders and agents party thereto.  The following table summarizes our availability under the New Credit Agreement as compared to our existing Credit Agreement, in thousands:

 

 

A portion of the proceeds from the New Credit Agreement were used to repay all amounts outstanding under our original Credit Agreement.  The new agreement matures on the five-year anniversary from closing.  The new agreement contains certain, customary restrictions and covenants.  For more information, see Part II. Other Information – Item 5. Other Information.

 

On May 5, 2017, we entered into a $100 million accelerated share repurchase agreement with Bank of America, N.A.  The agreement becomes effective July 5, 2017 and is expected to be settled no later than the first quarter of 2018.  The actual number of shares to be repurchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the transaction, less an agreed discount.  This agreement is part of our 2017 Repurchase Program.  For more information, see Part II. Other Information – Item 5. Other Information.