Company Completes IPO and Debt Re-PricingSubsequent to the close of the fiscal year, on April 22, 2013, Fairway completed an initial public offering ("IPO") of approximately 15.7 million shares of common stock, including 2.3 million shares sold by existing selling stockholders (of which approximately 2.0 million shares were sold pursuant to the underwriters' exercise of their over-allotment option). The IPO was priced at $13, above the initial range of $10 to $12. The Company's net proceeds from this offering were approximately $158.8 million. The Company used approximately $76.8 million to pay dividends, $9.2 million to terminate a management agreement and approximately $8.1 million to pay contractual bonuses. The remaining approximately $64.7 million is intended for new store growth and general corporate purposes. Herb Ruetsch, Fairway's Chief Executive Officer commented, "We are very pleased with the successful completion of our initial public offering. Looking ahead, we intend to capitalize on the growth opportunities for our iconic brand and differentiated food retailing model and plan to open two new stores in fiscal 2014 as well as a new central production facility. We expect to open an additional 3 to 4 stores in each of the next few fiscal years as we expand the Fairway brand and footprint in the greater New York area." The enhanced liquidity from the IPO and strong operating performance allowed the Company to successfully amend its existing senior credit facility in May 2013. The amendment revised certain terms and covenants contained in the existing $275 million credit agreement, including lowering the interest rate margin on the facility by 150 basis points and reducing the "LIBOR floor" applicable to LIBO rate loans by 25 basis points. The 175 basis points rate reduction is expected to reduce the Company's annualized cash interest payments by approximately $4.8 million. The Company further expects that the fees and expenses incurred in connection with the amendment will be paid back through reduced interest payments in approximately nine months.