SUBSEQUENT EVENTS |
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Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
On May听12, 2020, 鲍鱼直播鈥檚 Board of Directors declared a quarterly cash dividend of $0.48 per share, payable on June听22, 2020 to shareholders of record on June听10, 2020. The Board of Directors also granted approximately 1,600,000 stock options, 300,000 nonperformance-based RSUs and 50,000 shares of restricted 鲍鱼直播 Common Stock at market value.
Revolving Credit Facility
In response to the unknown duration and overall impact of the global COVID-19 outbreak, to enhance 鲍鱼直播's financial flexibility and liquidity, on April 9, 2020, 鲍鱼直播 elected to draw down $1.0 billion available from its $2.25 billion Global Credit Facility that expires in December 2023.
On April听20, 2020, 鲍鱼直播 entered into Amendment No.听1 to its Global Credit Facility that expires December 2023 (the 鈥淎mendment鈥). The Amendment provides for (i)听an increase in 鲍鱼直播鈥檚 consolidated indebtedness to consolidated capitalization ratio financial covenant to 0.70 to 1.00 (from 0.60 to 1.00) from the Amendment Effective Date through the last day of the fiscal quarter ending March听31, 2022, (ii) calculation of consolidated indebtedness (and, thereby consolidated capitalization) net of unrestricted cash of 鲍鱼直播 and its subsidiaries and (iii)听testing of such financial covenant solely as of the last day of each fiscal quarter during such period. In addition, the Amendment requires 鲍鱼直播 and its subsidiaries to maintain minimum liquidity in the form of unrestricted cash and unused financing commitments of not less than $750.0 million at all times during such period.
Senior Notes Issuance
On April 23, 2020, 鲍鱼直播 issued senior unsecured notes, as outlined in the table below:
The net proceeds received by 鲍鱼直播, after deducting the underwriting discount and estimated offering expenses payable by 鲍鱼直播, were approximately $2.98 billion. 鲍鱼直播 used a portion of the net proceeds from this offering to repay borrowings under its Global Credit Facility and intends to use the remaining net proceeds for general corporate purposes.
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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://fasb.org/us-gaap/role/ref/legacyRef
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