COVID-19 Public Company Disclosure Insights

COVID-19: Revolver Draws – April 2020

Many companies are fortifying their liquidity positions in light of the current COVID-19 pandemic by drawing on their revolving credit facilities. As these borrowings constitute a material direct financial obligation under an existing facility, or, alternatively, a short-term material debt obligation arising outside the ordinary course of business, these borrowings are reportable events under Item 2.03 of Form 8-K.

Overview/Rule

• Disclosure under Item 2.03 on Form 8-K is triggered “if the registrant becomes obligated on a direct financial obligation that is material to the registrant”.

• SEC guidance is clear that long-term debt and “a short-term debt obligation that arises other than in the ordinary course of business” triggers disclosure. A company drawing on its revolver during a global crisis would be outside the ordinary course of business, and therefore, if material, would need to be disclosed.

The third instruction to Form 8-K clarifies that if a company enters into a facility, program or similar arrangement that creates or may give rise to direct financial obligations in connection with multiple transactions, the company must:

• disclose the entering into of the facility, program or similar arrangement,

• and disclose its obligations, to the extent the obligations are material, as they arise or are created under the facility/program

– (including when a series of previously undisclosed individually immaterial obligations become material in the aggregate). Market Trends

The filings we have seen so far typically disclose:

• the amount of borrowed funds,

• the maturity date,

• the interest rate,

• and the total amount available to the company after giving effect to the borrowing (in addition to the remaining amount available under the revolver, if any).

The companies also include a short rationale for the borrowing, citing everything from uncertainty in the global markets to maintenance of flexibility or liquidity in light of the current COVID-19 pandemic.

In 8-Ks where the company is entering into a new revolving credit facility, the company summarizes the key terms of the credit facility.

In 8-Ks where the company is merely drawing on an existing credit facility, they include a brief summary and incorporate by reference the initial filing in which the credit facility was disclosed.

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Summary Chart

Below is a chart summarizing the Forms 8-K that have been filed to date

DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 3/11/20 Hilton Worldwide $1.75 billion as a precautionary measure in Currently held on the Link (3/5/20) Holdings Inc. (full amount) order to increase its cash position company’s balance and preserve financial flexibility in sheet, in future may be light of current uncertainty in the used for working capital, global markets resulting from the general corporate or COVID-19 outbreak other permitted purposes

3/13/20 Micron $2.5 billion (full as a precautionary measure in Held on company’s Link (3/12/20) Technology, Inc. amount) order to increase its cash balance sheet and may position and preserve financial be used for general flexibility in light of current corporate purposes uncertainty in the global markets resulting from the COVID-19 outbreak 3/13/20 Extended Stay $499.8 million as a precautionary measure in May be used for working Link (3/12/20) America, Inc. (full amount) order to increase its cash position capital, general corporate and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets resulting from the COVID-19 outbreak

also withdrew and updated its 2020 financial guidance in light of reduced travel demand due to COVID-19 outbreak (Item 7.01) 3/16/20 Churchill Downs $675.4 million due to uncertainty in the global N/A Link (3/16/20) Inc. (full amount) markets

also announced modification of operations due to COVID-19 3/16/20 Southwest Airlines $1 billion on fortify cash position and mitigate N/A Link (3/12/20) Co. new 364-day impact of COVID-19 outbreak term loan (full amount) also withdrew its previous financial guidance and gave update re $1 billion on anticipated further deterioration of existing revenue due to COVID-19 and revolver (full reduced travel demand amount) 3/16/20 Penn National $430 million to ensure it maintains ample No current plans to Link (3/13/20) Gaming, Inc. (full amount) financial flexibility in light of the deploy spread of novel coronavirus (COVID-19) 3/16/20 Norwegian Cruise $1.55 billion as a precautionary measure in Currently held on the Link (3/12/20) Line Holdings Ltd. order to increase its cash position company’s balance and facilitate financial flexibility in sheet, in future may be light of current uncertainty in the used for working capital, global markets resulting from the general corporate or COVID-19 outbreak other permitted purposes

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 3/16/20 Caesar’s $1.15 billion as a precautionary measure in May be used for working Link (3/16/20) Entertainment (full amount) order to increase its cash position capital, general corporate Corporation and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets 3/16/20 NCL Corporation $1.55 billion as a precautionary measure in Currently held on the Link (3/12/20) Ltd. (full amount) order to increase its cash position company’s balance and facilitate financial flexibility in sheet, in future may be light of current uncertainty in the used for working capital, global markets resulting from the general corporate or COVID-19 outbreak other permitted purposes

3/16/20 Carnival $3 billion in order to increase its cash May be used for working Link (3/13/20) Corporation position and preserve financial capital, general corporate flexibility in light of current or other permitted uncertainty in the global markets purposes resulting from the COVID-19 outbreak

also describes temporary halt on fleet cruise operations and negative financial impact (Item 7.01) 3/17/20 Eldorado Resorts $465 million to provide liquidity in light of the N/A Link (3/13/20) closure of the company’s properties as result of spread of COVID-19 3/17/20 Ventas, Inc. $2.75 billion as a precautionary measure in May be used for working Link (3/12/20) order to increase liquidity and capital, general corporate preserve financial flexibility in light or other permitted of current uncertainty resulting from purposes the COVID-19 pandemic 3/17/20 NexTier Oilfield $175 million as a precautionary measure in May be used for working Link (3/13/20) Solutions Inc. order to increase its cash position capital, general corporate and preserve financial flexibility or other permitted considering current uncertainty in purposes the global markets resulting from the COVID-19 outbreak and recent OPEC actions 3/17/20 Golden $200 million as a precautionary measure in May be used for working Link (3/16/20) Entertainment, (full amount) order to increase its cash position capital, general corporate Inc. and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets resulting from the COVID-19 outbreak 3/17/20 Everi Holdings $35 million (full as a precautionary measure in May be used for working Link (3/16/20) Inc. amount) order to increase its cash position, capital, general corporate improve its liquidity and preserve or other permitted financial flexibility in light of current purposes uncertainty in the global markets

3/17/20 The Boeing $13.8 billion provide us with additional liquidity N/A Link (3/13/20) Company as we navigate the current business challenges

3/17/20 Xenia Hotels & $340 million as a precautionary measure in Currently held on the Link (3/12/20) Resorts, Inc. (full amount) order to increase its cash position company’s balance

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK and preserve financial flexibility in sheet, in future may be light of current uncertainty resulting used for working capital, from the COVID-19 outbreak general corporate or other permitted purposes 3/18/20 Ruth’s Hospitality $56 million (full as a precautionary measure in Currently held on the Link (3/16/20) Group, Inc. amount) order to increase its cash position company’s balance and preserve financial flexibility in sheet, in future may be light of current uncertainty in the used for working capital, global markets resulting from the general corporate or COVID-19 outbreak other permitted purposes 3/18/20 Vail Resorts, Inc. $400 million as a precautionary measure in May be used for general Link (3/18/20) order to increase its cash position corporate and other and financial flexibility in light of the permitted purposes current financial market conditions resulting from the COVID-19 outbreak

3/18/20 Expedia Group, $1.9 billion as a precautionary measure to May be used for general Link (3/18/20) Inc. provide increased liquidity and corporate purposes, preserve financial flexibility in light including working capital of current disruption and uncertainty resulting from the COVID-19 outbreak 3/18/20 J.Jill, Inc. $33 million as a precautionary measure in May be used for working Link (3/16/20) order to increase its cash position capital, general corporate and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets resulting from the COVID-19 outbreak 3/18/20 Marriott Vacations $600 million as a precautionary measure to N/A Link (3/18/20) Worldwide (full amount) ensure liquidity for a sustained Corporation period

also withdrew full-year 2020 guidance due to uncertainty related to the ultimate impact on travel demand resulting from the COVID- 19 outbreak (Item 7.01) 3/18/20 Albertsons $2 billion as a precautionary measure in Currently held on the Link (3/12/20) Companies, Inc. order to increase its cash position company’s balance and preserve financial flexibility in sheet, in future may be light of current uncertainty in the used for working capital, global markets resulting from the general corporate or COVID-19 outbreak other permitted purposes 3/18/20 Boyd Gaming $660 million as a precautionary measure in May be used for working Link (3/17/20) Corporation order to increase its cash position capital, general corporate and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets

3/18/20 Viad Corp $123 million as a proactive measure to increase May be used for working Link (3/17/20) (full amount) our cash position and preserve capital, general corporate financial flexibility in light of current or other permitted uncertainty in the global markets purposes

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK resulting from the COVID-19 outbreak

3/18/20 Century Casinos, $10 million to provide liquidity in light of the Supplements the Link (3/17/20) Inc. closure of the company’s properties company’s cash on hand as a result of the spread of COVID- 19 3/18/20 JetBlue Airways $1 billion N/A Will be used to pay Link (3/16/20) Corporation certain transaction fees and expenses and for general corporate purposes 3/18/20 Hawaiian Holdings $235 million N/A N/A Link (3/13/20) Inc. (full amount)

3/19/20 Ascena Retail $230 million as a precautionary measure in N/A Link (3/16/20) Group, Inc. order to increase its cash position and preserve financial flexibility in light of the current uncertainty in the global financial markets from the COVID-19 outbreak

also withdrew previous guidance for Q3 2020 (Item 7.01) 3/19/20 Burlington Stores, $400 million as a precautionary measure in Available to be used for Link (3/17/20) Inc. order to increase the company’s working capital, general cash position and facilitate financial corporate or other flexibility in light of the current purposes uncertainty resulting from the COVID-19 virus 3/19/20 Darden $750 million to secure the company’s liquidity May be used for working Link (3/17/20) Restaurants, Inc. (full amount) position and provide financial capital, ongoing flexibility given uncertain market operating needs and conditions as a result of the general corporate COVID-19 outbreak purposes 3/19/20 DiamondRock $360 million as a precautionary measure in May be used for working Link (3/16/20) Hospitality order to increase its cash position capital, general corporate Company and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets resulting from the COVID-19 outbreak 3/19/20 Dine Brands $223 million to enhance the co-issuers’ and the Available for general Link (3/17/20) Global, Inc. company’s long-term financial corporate purposes flexibility in light of current market conditions and uncertainty related to the COVID-19 outbreak 3/19/20 Select Interior $25 million as a precautionary measure in May be used for Link (3/16/20) Concepts, Inc. order to increase its cash position operational purposes, and preserve financial flexibility including working capital, considering current uncertainty in general corporate or the global markets resulting from other permitted purposes the COVID-19 outbreak 3/19/20 Tailored Brands, $285 million proactive measures in order to N/A Link (3/16/20) Inc. increase its cash position and preserve financial flexibility in light

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK of current uncertainty in the global markets resulting from the coronavirus outbreak 3/19/20 Texas $190 million as a precautionary measure in Currently held on the Link (3/16/20) Roadhouse, Inc. order to bolster the company’s company’s balance cash position and enhance sheet, in future may be financial flexibility in light of current used for working capital, uncertainty in the global markets capex in the ordinary resulting from the COVID-19 course of business or outbreak other lawful corporate purposes also withdrew previous financial guidance, with update expected on Q1 2020 earnings call (Item 7.01) 3/19/20 Aramark $230 million in order to increase its cash N/A Link (3/18/20) (full amount) position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak 3/19/20 Autoliv, Inc. $500 million to mitigate the potential effects of $300 million to be used to Link (3/18/20) the COVID-19 pandemic on the pay existing short-term company debt maturities due in the next 3 months; remainder to be used for general corporate or other permitted purposes 3/19/20 L Brands, Inc. $950 million in response to continued spread of N/A Link (3/16/20) novel coronavirus (“COVID-19”)

also withdrew Q1 2020 guidance (Item 7.01) 3/19/20 Ross Stores, Inc. $800 million N/A N/A Link (3/17/20) (full amount) 3/19/20 Advance Auto $500 million to increase its cash position and May be used for working Link (3/17/20) Parts, Inc. preserve financial flexibility in light capital, ongoing of the current uncertainty in the operating needs and global markets general corporate purposes 3/19/20 Copart, Inc. $825 million to ensure the company maintains May be used for Link (3/17/20) (full amount) ample financial flexibility in light of investments in land, tech, current uncertainty in the global acquisitions, working markets due to the global capital, share pandemic repurchases or general corporate purposes 3/19/20 Regis Corporation $183 million to increase the company’s cash May be used for working Link (3/16/20) (full amount) position and preserve financial capital, general corporate flexibility in light of current or other permitted uncertainty resulting from the purposes COVID-19 outbreak 3/19/20 Ford Motor $15.4 billion to further bolster the company’s N/A Link (3/19/20) Company cash position amid the coronavirus health crisis, maintain strategic flexibility on behalf of its team and

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK customers and set up Ford to separate itself from competitors 3/20/20 MasterCraft Boat $35 million (full as a precautionary measure in Currently held on the Link (3/19/20) Holdings, Inc. amount) order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for general corporate global markets resulting from the purposes COVID-19 outbreak 3/20/20 Host Hotels & $1.5 billion (full as a precautionary measure in Currently held on the Link (3/16/20) Resorts, Inc. amount) order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for working capital, global markets resulting from the general corporate or global coronavirus (COVID-19) other purposes outbreak 3/20/20 EPR Properties $750 million as a precautionary measure to May be used for general Link (3/20/20) increase its cash position and business or other preserve financial flexibility in light permitted purposes of current uncertainty in the global markets 3/20/20 Potbelly $40 million (full as a precautionary measure in May be used for working Link (3/17/20) Corporation amount) order to increase its cash position capital, general corporate and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets resulting from the COVID-19 pandemic

also withdrew its previous full-year 2020 guidance and supplemented the risk factors in its Form 10-K for 2019 (Item 8.01) 3/20/20 Foot Locker, Inc. $330 million as a precautionary measure in May be used for working Link (3/18/20) order to increase its cash position capital, general corporate and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets resulting from the COVID-19 pandemic 3/20/20 Chico’s FAS, Inc. $106.5 million proactive measure in order to May be used for working Link (3/18/20) increase its cash position and capital, capex or general preserve financial flexibility in light corporate purposes of current uncertainty in the global markets resulting from the coronavirus (COVID-19) outbreak 3/20/20 PlayAGS, Inc. $30 million (full as a precautionary measure in Currently held on the Link (3/19/20) amount) order to increase the company’s company’s consolidated cash position and facilitate financial balance sheet, and may flexibility in light of current be used for general uncertainty in the global markets corporate or other resulting from the COVID-19 permitted purposes outbreak

also withdrew “2020 Outlook” guidance previously filed on 3/4/20 (Item 7.01)

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 3/20/20 Conn’s, Inc. $275 million as a precautionary measure in Currently held on the Link (3/18/20) order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty resulting for working capital, from the COVID-19 outbreak general corporate or other permitted purposes 3/20/20 The Joint Corp. $2 million as a precautionary measure in N/A Link (3/18/20) order to further strengthen its cash position and provide financial flexibility in light of the current uncertainty in the global markets resulting from the COVID-19 outbreak 3/20/20 Noodles & $20 million as a precautionary measure in Currently held on balance Link (3/20/20) Company order to bolster the company’s sheet, and may be used cash position and enhance for general corporate financial flexibility in light of the purposes (working current uncertainty in the global capital, capex in the markets resulting from the COVID- ordinary course of 19 outbreak business or other lawful purposes) also withdrew financial guidance for fiscal 2020 (Item 7.01) 3/20/20 Twin River $250 million to increase its cash position and Currently held as cash on Link (3/16/20) Worldwide (full amount) liquidity to facilitate financial the company’s balance Holdings, Inc. flexibility in light of current sheet, and may be used uncertainty in the global markets for working capital, and the company’s business general corporate or resulting from the COVID-19 virus other permitted purposes 3/20/20 Bloomin’ Brands, $381 million as a precautionary measure in Currently held on the Link (3/16/20) Inc. (full amount) order to increase its cash position company’s balance sheet and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak

also withdrew its full-year 2020 guidance previously filed on 2/18/20 (Item 7.01) 3/20/20 Diebold Nixdorf, $325.9 million increasing its cash position out of May be used for general Link (3/16/20) Incorporated (full amount) an abundance of caution in light of corporate purposes the evolving COVID-19 health situation and related macroeconomic implications

enhancing its financial flexibility as a critical provider of “Connected Commerce” solutions to financial institutions, supermarkets, pharmacies and fuel stations through its industry-leading ATMs, AllConnect Services, retail self- checkout and point of sale solutions

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 3/20/20 Delta Air Lines, $3 billion on N/A May be used for working Link (3/17/20) Inc. existing capital, general corporate revolver or other purposes

$2.3 billion on new 364-day term loan 3/20/20 RLJ Lodging Trust $400 million N/A May be used for working Link (3/19/20) capital, general corporate or other permitted purposes 3/20/20 Townsquare $50 million (full as a precautionary measure May be used for working Link (3/17/20) Media, Inc. amount) capital, general corporate or other permitted purposes 3/20/20 Adient plc $825 million N/A To be used for general Link (3/20/20) corporate or other permitted purposes 3/20/20 Sabre Corporation $375 million N/A N/A Link (3/17/20) 3/20/20 Ashford Inc. $35 million (full N/A May be used for working Link (3/19/20) amount) capital, capex and other lawful corporate purposes, but no proceeds may be used to invest in the service businesses of Ashford Hospitality Services, LLC or to make any dividend payments or stock repurchases 3/23/20 Citi Trends, Inc. $43.7 million proactive measure taken to May be used for working Link (3/20/20) increase the company’s cash capital, general corporate position and preserve financial or other permitted flexibility in light of current purposes uncertainties resulting from the coronavirus (COVID-19) outbreak 3/23/20 Revolve Group, $30 million to further strengthen the company’s May be used for general Link (3/19/20) Inc. current cash position given the corporate purposes uncertain environment resulting from the COVID-19 pandemic and out of an abundance of caution 3/23/20 Newmark Group, $180 million as a precautionary measure in Currently no plans to Link (3/17/20) Inc. (aggregate order to preserve its financial deploy $255 million flexibility considering current drawn since uncertainty in the global markets 10-K filing on resulting from the COVID-19 2/28/20) outbreak 3/23/20 Best Buy Co., Inc. $1.25 billion to increase its cash position and Included in cash and Link (3/19/20) (full amount) maximize flexibility in light of the cash equivalents on the current uncertainty surrounding the company’s consolidated impact of COVID-19 balance sheets

also withdrew all fiscal 2021 financial guidance previously

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK issued and suspended all share repurchases (Item 7.01) 3/23/20 Dycom Industries, $650 million. as a protective measure to Placed as cash deposits Link (3/18/20) Inc. preserve financial flexibility in light in the company’s bank of general economic and financial accounts, such that the market uncertainty resulting from borrowing did not change the COVID-19 outbreak the company’s net debt amount 3/23/20 Signet Jewelers $900 million as a prudent measure in order to Currently held on the Link (3/19/20) Limited increase its cash position and company’s balance preserve financial flexibility in light sheet, and may be used of current uncertainty in the global for general corporate markets resulting from the COVID- purposes 19 outbreak 3/23/20 Surgery Partners, $120 million as a precautionary measure in N/A Link (3/18/20) Inc. (full amount) order to increase liquidity and preserve financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic

also withdrew its 2020 financial outlook (Item 7.01) 3/23/20 SeaWorld $187.5 million as a precautionary measure to Currently held on the Link (3/17/20) Entertainment, (full amount) increase its cash position, provide company’s balance Inc. liquidity for a sustained period and sheet, and may be used to preserve financial flexibility in for working capital, light of current uncertainty in the general corporate or global markets resulting from the other purposes COVID-19 outbreak 3/23/20 Guess?, Inc. $212 million as a precautionary measure to N/A Link (3/18/20) ensure financial flexibility and maintain maximum liquidity in response to the COVID-19 pandemic 3/23/20 Sleep Number $262 million to provide increased liquidity and May be used for working Link (3/17/20) Corporation (full amount) preserve financial flexibility in capital and other general consideration of the disruption and corporate purposes uncertainty resulting from the COVID-19 pandemic

also withdrew its fiscal 2020 financial guidance (Item 7.01) 3/23/20 Haverty Furniture $43.8 million as a precautionary measure in Currently held on the Link (3/17/20) Companies, Inc. order to increase its cash position company’s balance and preserve financial flexibility sheet, and may be used considering current uncertainty in for working capital, the global markets resulting from general corporate or the COVID-19 outbreak other permitted purposes 3/23/20 Rocky Brands, $20 million to preserve financial liquidity and N/A Link (3/23/20) Inc. flexibility in order to successfully manage its operations as a result of the current unprecedented period of uncertainty, including the unknown duration and overall

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK impact of the COVID-19 coronavirus outbreak 3/23/20 Destination XL $30 million proactive measure in order to Currently held as cash on Link (3/20/20) Group, Inc. increase the company’s cash the company’s balance position and preserve financial sheet, and may be used flexibility in light of current for working capital, uncertainty in the global markets capital expenditures or resulting from the coronavirus general corporate (COVID-19) outbreak purposes 3/23/20 Williams-Sonoma, $487.8 million as a precautionary measure to N/A Link (3/23/20) Inc. (full amount) increase its cash position and preserve maximum financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak 3/23/20 Applied Materials, $1.5 billion (full as a precautionary measure in Will be held on the Link (3/23/20) Inc. amount) order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for general corporate global markets resulting from the purposes COVID-19 outbreak 3/23/20 Circor $80 million as a precautionary measure in May be used for working Link (3/20/20) International, Inc. order to increase the company’s capital, general corporate cash position and help maintain or other purposes financial flexibility in light of the current uncertainty resulting from the COVID-19 virus 3/23/20 V.F. Corporation $1 billion as a result of the disruption and N/A Link (3/23/20) uncertainty caused by the COVID- 19 coronavirus outbreak

also withdrew its fiscal 2020 outlook (Item 7.01) 3/23/20 Aptiv PLC $1.4 billion (full to provide additional liquidity and N/A Link (3/23/20) amount) financial flexibility to mitigate the effect on its business from the international emergency that has arisen as a result of the novel coronavirus (“COVID-19”) pandemic

also suspended its 2020 guidance (Item 8.01) 3/23/20 Ulta Beauty, Inc. $800 million as a precautionary measure and to N/A Link (3/18/20) enhance financial flexibility 3/24/20 US Foods Holding $700 million on for the purpose of increasing cash N/A Link (3/23/20) Corp. ABL facility on hand and to preserve financial flexibility in light of the current $300 million on economic and business uncertainty ABS facility resulting from the novel coronavirus (“COVID-19”) pandemic 3/24/20 General Motors $16 billion N/A N/A Link (3/24/20) Company

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK also suspended its 2020 guidance due to uncertainty around the business impact of the COVID-19 pandemic 3/24/20 Church & Dwight $825 million as a precautionary measure in Currently held on the Link (3/20/20) Co., Inc. order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for general corporate global markets resulting from the purposes COVID-19 outbreak 3/24/20 Ethan Allen $80 million as a precautionary measure and to N/A Link (3/23/20) Interiors Inc. maximize financial flexibility in light of the current uncertainty surrounding the impact of COVID- 19 3/24/20 ON $1.17 billion as a precautionary measure in May be used for working Link (3/24/20) Semiconductor (full amount) order to increase the company’s capital, general corporate Corporation cash position and facilitate financial or other purposes flexibility in light of the current uncertainty resulting from the COVID-19 virus 3/24/20 Macy’s, Inc. $1.5 billion (full as a proactive measure to increase N/A Link (3/19/20) amount) its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak 3/24/20 Steelcase Inc. $250 million to provide additional liquidity in N/A Link (3/18/20) recognition of the increased risk and uncertainty related to the COVID-19 crisis 3/24/20 Roku, Inc. $69.6 million N/A N/A Link (3/24/20) 3/24/20 Brunswick $385 million as a precautionary action in order Will be held on the Link (3/23/20) Corporation (full amount) to increase its cash position and to company’s balance enhance its liquidity and financial sheet, and may be used flexibility during this period of for general corporate substantial uncertainty in the global purposes markets resulting from COVID-19 3/24/20 AMC $215 million as a precautionary measure in N/A Link (3/20/20) Entertainment under revolver order to increase its cash position Holdings, Inc. (full amount) and preserve financial flexibility in light of current uncertainty in the £89.2 million global markets resulting from the on UK revolver COVID-19 outbreak (full amount) 3/24/20 Jack in the Box $100 million to provide additional security to the May be used for working Link (3/19/20) Inc. company’s liquidity position and capital and general provide financial flexibility given corporate purposes uncertain market and economic conditions as a result of the COVID-19 pandemic 3/24/20 Century Aluminum $90 million proactive measure taken by the N/A Link (3/19/20) Company company to increase its cash position and preserve financial

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK flexibility in light of the coronavirus (COVID-19) outbreak 3/24/20 Yum! Brands, Inc. $525 million as a precautionary measure in N/A Link (3/24/20) order to preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 pandemic 3/24/20 Shake Shack Inc. $50 million (full to provide the company with May be used for working Link (3/24/20) amount) increased liquidity and financial capital, ongoing flexibility given the uncertain operating needs and market conditions as a result of the general corporate COVID-19 outbreak purposes 3/24/20 Gogo Inc. $22 million to increase its liquidity and N/A Link (3/18/20) preserve financial flexibility in light of uncertainty within the airline industry and the economy resulting from the COVID-19 pandemic 3/24/20 Cars.com Inc. $165 million as a precautionary measure in May be used for working Link (3/19/20) order to increase liquidity and capital, general corporate preserve financial flexibility in light or other permitted of current uncertainty resulting from purposes the COVID-19 pandemic 3/24/20 Macquarie $599 million on to increase the company’s cash May be used for working Link (3/17/20) Infrastructure revolver position and preserve financial capital, general corporate Corporation flexibility in light of current or other purposes $275 million on uncertainty in the global markets first lien resulting from the coronavirus revolver disease (“COVID-19”) outbreak 3/24/20 Heidrick & $100 million as a precautionary measure to Currently held on the Link (3/20/20) Struggles increase its cash position and company’s balance International, Inc. further enhance its financial sheet, and may be used flexibility in light of current for working capital, uncertainty in the global markets capex, “Permitted resulting from the COVID-19 Acquisitions” (as defined outbreak and out of an abundance in credit agreement) and of caution in this period of other general purposes uncertainty 3/24/20 Pebblebrook Hotel $643 million as a precautionary measure in N/A Link (3/19/20) Trust order to increase its cash position and preserve financial flexibility in light of current uncertainty resulting from and the adverse effects on operations of the novel coronavirus and related respiratory disease (“COVID-19”) pandemic 3/24/20 Weingarten Realty $482 million to increase liquidity and preserve N/A Link (3/23/20) Investors (full amount) financial flexibility in light of the current uncertainty surrounding the impact of COVID-19

also withdrew its fiscal 2020 guidance (Item 7.01) 3/24/20 Graco Inc. $250 million to increase its cash position and May be used for working Link (3/19/20) preserve financial flexibility in light capital, general corporate or other purposes

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK of current uncertainty resulting from the COVID-19 pandemic 3/24/20 Simpson $150 million to increase its cash position and May be used for working Link (3/23/20) Manufacturing preserve financial flexibility in light capital, general corporate Co., Inc. of current uncertainty resulting from or other permitted the COVID-19 outbreak purposes 3/24/20 Apartment $300 million to provide additional liquidity and N/A Link (3/20/20) Investment and financial flexibility Management Company also withdrew its 2020 financial guidance (Item 7.01) 3/24/20 J. Alexander’s $17 million (full as a precautionary measure to May be used for working Link (3/24/20) Holdings, Inc. amount) provide increased liquidity and capital and general preserve financial flexibility in light corporate purposes of current disruption and uncertainty resulting from the novel coronavirus (COVID-19) outbreak 3/24/20 DXC Technology $1.5 billion to reduce the company’s reliance May be used for working Link (3/24/20) Company on short-term funding sources capital, general corporate (including its commercial paper or other permitted program) in light of recent volatility purposes in those markets which has created an uncertain funding environment for borrowers 3/24/20 BellRing Brands, $65 million as a precautionary measure in May be used for working Link (3/17/20) Inc. order to increase its cash position capital, general corporate and its financial flexibility in light of or other permitted the uncertainty resulting from the purposes recent coronavirus (COVID-19) outbreak 3/24/20 Post Holdings, $500 million on as a precautionary measure in May be used for working Link (3/23/20) Inc. new revolver order to increase its cash position capital, general corporate and its financial flexibility in light of or other permitted the uncertainty resulting from the purposes recent coronavirus (COVID-19) outbreak 3/24/20 Malibu Boats, Inc. $98.8 million to ensure it maintains financial May be used for working Link (3/19/20) (full amount) flexibility in light of the current capital, general corporate uncertainty in the global markets or other permitted resulting from the COVID-19 purposes pandemic 3/25/20 KLDiscovery Inc. $29 million as a precautionary measure in Currently held on the Link (3/25/20) order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for working capital, global markets resulting from the general corporate or global coronavirus (COVID-19) other permitted purposes outbreak 3/25/20 CarMax, Inc. $510 million to further bolster its liquidity N/A Link (3/23/20) position and to provide additional financial flexibility in light of the current uncertainty surrounding the impact of COVID-19 3/25/20 Steel Partners $138 million as part of a comprehensive N/A Link (3/20/20) Holdings L.P. precautionary approach to increase

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK the company's cash position and maximize its financial flexibility in light of the current volatility in the global markets resulting from the coronavirus (COVID-19) outbreak 3/25/20 Itron, Inc. $400 million to increase its cash position and N/A Link (3/25/20) preserve future financial flexibility in light of the current uncertain environment 3/25/20 OUTFRONT $470 million as a precautionary measure to N/A Link (3/25/20) Media Inc. (full amount) preserve financial flexibility and increase liquidity in light of the current uncertainty in the global economy resulting from the novel coronavirus (COVID-19) pandemic 3/25/20 Federal Realty $890 million to further strengthen its financial May be used for working Link (3/20/20) Investment Trust position and balance sheet, to capital and general maximize its financial liquidity and corporate purposes to provide maximum financial flexibility to continue its business initiatives as the effects of the COVID-19 pandemic continue to evolve 3/25/20 SS&C $211 million as a precautionary measure in N/A Link (3/23/20) Technologies (full amount) order to increase liquidity and Holdings Inc. preserve financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic 3/25/20 Haynes $30 million to add to its current cash balance in May be used for general Link (3/12/20) International, Inc. order to further secure its liquidity operating expenses, position and to provide financial working capital and other flexibility given uncertain market proper corporate conditions as a result of the purposes COVID-19 outbreak 3/25/20 Apple Hospitality $245 (full as a precautionary measure in May be used for general Link (3/20/20) REIT, Inc. amount) order to increase its cash position corporate or other and preserve financial flexibility in permitted purposes light of current uncertainty in the global markets resulting from the COVID-19 virus 3/25/20 Hovnanian $125 million as a precautionary measure to May be used for general Link (3/24/20) Enterprises, Inc. (full amount) maximize financial flexibility and corporate purposes increase its current cash position given the uncertain environment resulting from the COVID-19 pandemic 3/25/20 Omega $300 million as a precautionary measure in light N/A Link (3/20/20) Healthcare of the current uncertainty around Investors, Inc. economic and industry conditions resulting from the COVID-19 outbreak 3/25/20 Visteon $400 million to increase its cash position and May be used for any Link (3/19/20) Corporation (full amount) maximize flexibility in light of the purpose not prohibited current uncertainty surrounding the under the credit impact of COVID-19 agreement

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 3/25/20 Kaman $200 million to provide additional financial Currently held on the Link (3/19/20) Corporation flexibility and readily accessible company’s balance liquidity during the current COVID- sheet, and may be used 19 outbreak for working capital, ongoing operating needs and general corporate purposes 3/25/20 Thor Industries, $250 million as a precautionary measure to May be used for working Link (3/23/20) Inc. secure its liquidity position and capital and general provide financial flexibility given corporate purposes uncertain market conditions as a result of the COVID-19 outbreak 3/25/20 Hanesbrands Inc. $630 million as a result of the disruption and N/A Link (3/25/20) uncertainty caused by the COVID- 19 coronavirus outbreak

also withdrew its 2020 financial guidance (Item 7.01) 3/25/20 Wyndham $1 billion (full as a precautionary measure to N/A Link (3/25/20) Destinations, Inc. amount) ensure liquidity for a sustained period 3/25/20 CBL & Associates $280 million to increase liquidity and preserve N/A Link (3/19/20) Properties, Inc. financial flexibility in light of the current uncertainty surrounding the impact of COVID-19

also withdrew its 2020 financial guidance (Item 7.01) 3/25/20 Sally Beauty $395 million out of an abundance of caution N/A Link (3/23/20) Holdings, Inc. also withdrew its 2020 financial guidance (Item 7.01) 3/25/20 Asbury $347 million as a precautionary measure in Currently held on the Link (3/18/20) Automotive (full amount) order to increase its cash position company’s balance Group, Inc. and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for general corporate global markets resulting from the purposes COVID-19 outbreak 3/26/20 Kontoor Brands, $375 million N/A N/A Link (3/25/20) Inc. also withdrew its 2020 guidance (Item 7.01) 3/26/20 The Gap, Inc. $500 million as a precautionary measure in Currently held on the Link (3/25/20) (full amount) order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for general corporate global markets resulting from the purposes COVID-19 outbreak

also withdrew its 2020 guidance and suspended its dividend program (Item 7.01) 3/26/20 H&R Block, Inc. $2 billion (full to increase the company’s cash N/A Link (3/26/20) amount) position and maximize flexibility in light of the current uncertainty

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK surrounding the impact of the coronavirus (COVID-19) pandemic 3/26/20 Altria Group, Inc. $3 billion (full as a precautionary measure to To help fund payments Link (3/23/20) amount) increase its cash position and related to the Master preserve financial flexibility in light Settlement Agreement of the current uncertainty in the and shareholder global capital markets, including dividends and for other the commercial paper market, general corporate resulting from the COVID-19 purposes outbreak 3/26/20 Under Armour, $700 million as a precautionary measure in Currently held on the Link (3/20/20) Inc. order to increase its cash position company’s balance sheet and preserve liquidity given the uncertainty in global markets resulting from the COVID-19 outbreak 3/26/20 SITE Centers $250 million N/A N/A Link (3/26/20) Corp. 3/26/20 Carlisle $500 million to increase cash on hand and May be used to refinance Link (3/24/20) Companies enhance its financial flexibility in existing indebtedness, Incorporated light of current uncertainty in global make acquisitions or markets resulting from the COVID- similar investments, 19 outbreak capex, working capital or other general corporate purposes 3/26/20 CBIZ, Inc. $210 million as a precautionary measure to May be used for working Link (3/20/20) preserve flexibility in light of the capital, ongoing evolving COVID-19 health situation operating needs and and the high degree of uncertainty other general corporate related to macroeconomic purposes implications 3/26/20 Sequential Brands $14.1 million N/A N/A Link (3/23/20) Group, Inc. 3/26/20 McDonald’s $1 billion on as a precautionary measure to May be used for general Link (3/25/20) Corporation new revolver reinforce its cash position and corporate purposes (full amount) provide financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic 3/26/20 Gentherm $169.3 million as a safeguard to increase its cash May be used for working Link (3/20/20) Incorporated position and provide additional capital or other general financial flexibility due to the corporate purposes COVID-19 pandemic, including known and uncertain impacts

also withdrew its 2020 guidance (Item 7.01) 3/26/20 CoStar Group, $745 million to allow for greater financial To fund pending Link (3/25/20) Inc. flexibility in light of current acquisition of RentPath uncertainty in the global markets Holdings, Inc. and other resulting from the COVID-19 acquisitions, and for outbreak working capital and general corporate purposes 3/26/20 Summit Hotel $125 million as a precautionary measure in N/A Link (3/19/20) Properties, Inc. order to increase its cash position

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK and preserve financial flexibility in light of current uncertainty resulting from, and the adverse effects on operations of, the novel coronavirus and related respiratory disease (COVID-19) pandemic 3/26/20 Park Hotels & $650 million as a precautionary measure due to Currently held on the Link (3/20/20) Resorts Inc. (full amount) the challenging business company’s balance environment related to the COVID- sheet, and may be used 19 virus for working capital, general corporate or other permitted purposes 3/26/20 Tronox Holdings $200 million a precautionary measure in order N/A Link (3/23/20) plc to increase liquidity and preserve financial flexibility in light of current uncertainties resulting from the COVID-19 pandemic 3/26/20 Wolverine World $367 million to allow for greater financial May be used for working Link (3/26/20) Wide, Inc. flexibility in light of current capital and general uncertainty in the global markets corporate purposes resulting from the COVID-19 outbreak 3/26/20 NCR Corporation $630 million as a precautionary measure in May be used for general Link (3/24/20) order to increase its cash position corporate purposes and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 global pandemic 3/26/20 Colony Credit $420 million as a precautionary measure in May be used for working Link (3/20/20) Real Estate, Inc. (full amount) order to increase its cash position capital, general corporate and preserve financial flexibility in or other permitted light of current uncertainty resulting purposes from the COVID-19 pandemic 3/26/20 Lear Corporation $1 billion proactive measure in response to N/A Link (3/26/20) the coronavirus (COVID-19) pandemic 3/26/20 Valvoline Inc. $450 million on as a precautionary measure to May be used for working Link (3/20/20) revolver increase its cash position and capital, general corporate preserve financial flexibility due to purposes or other $75 million on the uncertainty resulting from the permitted purposes trade COVID-19 pandemic receivables facility 3/26/20 Tapestry, Inc. $700 million as a precautionary measure in Currently held on the Link (3/25/20) order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for general corporate global markets resulting from the purposes COVID-19 outbreak 3/26/20 Carter’s, Inc. $749 million to improve near-term liquidity in N/A Link (3/ light of the uncertainty and disruption related to COVID-19 3/27/20 Fossil Group, Inc. $71 million as a precautionary measure to N/A Link (3/24/20) increase its cash position, provide liquidity for a sustained period and

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK to preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak 3/27/20 United States $800 million as a precautionary measure in To be held on the Link (3/23/20) Steel Corporation order to increase its cash position company’s balance and preserve financial flexibility in sheet, and may be used light of current uncertainty in the for general corporate global markets resulting from the purposes impact of the global coronavirus outbreak 3/27/20 Noodles & $27 million as a precautionary measure in Currently held on the Link (3/26/20) Company order to bolster our cash position company’s balance and enhance financial flexibility in sheet, and may be used light of the current uncertainty in for general corporate the global markets resulting from purposes the COVID-19 outbreak 3/27/20 Houghton Mifflin $100 million as a precautionary measure in May be used for working Link (3/24/20) Harcourt order to increase the company’s capital, general corporate Company cash position and help maintain or other purposes financial flexibility in light of the current uncertainty resulting from the COVID-19 pandemic 3/27/20 Warrior Met Coal, $70 million as a precautionary measure and in Retain funds in cash to Link (3/24/20) Inc. order to increase the company’s preserve liquidity; may be cash position and preserve used for working capital financial flexibility in light of the and general corporate current uncertainty resulting from purposes the COVID-19 outbreak 3/27/20 Bionik $2 million N/A To be used for working Link (3/23/20) Laboratories Corp. capital 3/27/20 Methode $100 million as a purely precautionary measure Currently held on the Link (3/23/20) Electronics, Inc. in order to increase its cash company’s balance position and preserve financial sheet, and may be used flexibility in light of current for working capital and uncertainty in the global markets general corporate resulting from the COVID-19 purposes pandemic 3/27/20 MoneyGram $23 million (full as a proactive measure to increase May be used for working Link (3/20/20) International, Inc. amount) the company’s cash position and capital, general corporate preserve financial flexibility in light or other permitted of current uncertainty in the global purposes markets resulting from the COVID- 19 pandemic 3/27/20 Hi-Crush Inc. $25 million as a precautionary measure due to Currently held on the Link (3/23/20) the challenging business company’s balance environment and uncertainties sheet, and may be used caused by or relating to the for working capital, outbreak of the COVID-19 virus general corporate and worldwide, the recent and other permitted purposes persisting decline in the price of oil and natural gas as a result of actions taken by OPEC and other factors, which negatively affect the level of U.S. oil and gas production

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK activity and the demand for our products and services, as well as global volatility in the capital and commodities markets 3/27/20 Kite Realty Group $300 million as a precautionary measure in May be used for working Link (3/23/20) Trust order to increase its cash position capital, general corporate and preserve financial flexibility in or other permitted light of current uncertainty in the purposes global markets resulting from the COVID-19 pandemic 3/27/20 Novelis Inc. $554 million as a precautionary measure to Currently held on the Link (3/23/20) increase its cash position and company’s balance preserve financial flexibility sheet, and may be used considering current uncertainty in for working capital, the global markets resulting from general corporate and the COVID-19 outbreak other permitted purposes 3/27/20 WD-40 Company $80 million to ensure future liquidity given the N/A Link (3/23/20) significant impact on global financial markets and the economy as a result of the recent coronavirus outbreak 3/27/20 ABM Industries $300 million as a precautionary measure in Currently held on the Link (3/24/20) Incorporated (full amount) order to increase its financial company’s balance flexibility in light of current sheet, and may be used uncertainty in the global markets for general corporate resulting from the COVID-19 purposes outbreak 3/30/20 Helen of Troy $200 million as part of a comprehensive N/A Link (3/24/20) Limited precautionary approach to increase the company's cash position and maximize its financial flexibility in light of the current volatility in the global markets resulting from the coronavirus (COVID-19) outbreak 3/30/20 Monaker Group, $75,000 N/A N/A Link (3/26/20) Inc. 3/30/20 ArcBest $180 million on a proactive measure to increase N/A Link (3/26/20) Corporation revolver (full the company’s cash position and amount) preserve financial flexibility in light of general economic and financial $45 million on market uncertainty resulting from A/R revolver the COVID-19 outbreak 3/30/20 Regency Centers $500 million to further strengthen its financial May be used for working Link (3/27/20) Corporation position and balance sheet, to capital and general enhance its financial liquidity and to corporate purposes provide financial flexibility to continue its business initiatives as the effects of the COVID-19 pandemic continue to evolve

also withdrew its fiscal 2020 guidance (Item 7.01) 3/30/20 Kohl’s Corporation $1 billion (full as a proactive measure to increase Currently held in bank Link (3/19/20) amount) its cash position and preserve deposit accounts on the financial flexibility in light of current company’s balance

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK uncertainty in the global markets sheet, and may be used resulting from the COVID-19 for general corporate outbreak purposes 3/30/20 GTJ REIT, Inc. $10 million (full as a precautionary measure in N/A Link (3/27/20) amount) order to increase liquidity and preserve financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic 3/30/20 The Container $50 million in an abundance of caution and as N/A Link (3/30/20) Store Group, Inc. a proactive measure in light of the uncertain environment resulting from the COVID-19 pandemic 3/30/20 Retail Properties $654 million to further strengthen its financial May be used for working Link (3/25/20) of America, Inc. position and balance sheet, to capital and general enhance its financial liquidity and to corporate purposes provide maximum financial flexibility as the effects of the COVID-19 outbreak continue to evolve and impact the global markets

also withdrew its full-year 2020 guidance (Item 7.01) 3/30/20 Cubic Corporation $450 million To further strengthen the To be used for early Link (3/27/20) term loan company’s financial flexibility repayment of outstanding through favorable pricing and private placement and covenants, improved maturity general corporate profile and 30% additional capacity purposes 3/31/20 Knoll, Inc. $65 million to further strengthen its financial May be used for working Link (3/30/20) position and balance sheet, to capital and general enhance its financial liquidity and to corporate purposes provide maximum financial flexibility as the effects of the COVID-19 outbreak continue to evolve and impact the global markets 3/31/20 Delphi $500 million to provide additional liquidity and N/A Link (3/30/20) Technologies PLC (full amount) financial flexibility in light of current economic conditions and uncertainties arising in connection with the COVID-19 pandemic 3/31/20 Hub Group, Inc. $100 million N/A To be held on the Link (3/24/20) company’s balance sheet, and may be used for general corporate purposes 3/31/20 STORE Capital $450 million as a further precautionary measure May be used for general Link (3/26/20) Corporation to increase its cash position and business or other preserve financial flexibility in light permitted purposes of the ongoing and continued economic uncertainties in the United States and globally arising from the COVID-19 pandemic

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 3/31/20 Tanger Factory $479.8 million in response to the COVID-19 N/A Link (3/31/20) Outlet Centers, pandemic to increase liquidity, Inc. preserve financial flexibility and assist the company in meeting their obligations for a sustained period of time until there is more clarity regarding the impact of the COVID- 19 pandemic 3/31/20 Polaris Inc. $150 million to increase its cash position and May be used for working Link (3/25/20) preserve financial flexibility in light capital, general corporate of current uncertainty resulting from or other purposes the COVID-19 outbreak 3/31/20 Entercom $146.5 million as a precautionary measure to May be used for working Link (3/25/20) Communications (full amount) preserve financial flexibility capital, general corporate Corp. or other permitted purposes 3/31/20 Tiffany & Co. $500 million as a precautionary measure in Currently held on the Link (3/25/20) order to increase its cash position company’s balance and maintain financial flexibility in sheet, and may be used light of current uncertainty in the for general corporate global markets resulting from the purposes recent outbreak of a novel strain of the coronavirus, COVID-19 3/31/20 W.W. Grainger, $1 billion as a proactive measure to increase To be used for general Link (3/26/20) Inc. its cash position and preserve corporate purposes financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 pandemic 4/1/20 Beacon Roofing $725 million as a precautionary measure in Currently held on the Link (26/20) Supply, Inc. order to increase its cash position company’s balance sheet and preserve financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic 4/1/20 Cornerstone $145 million on as a precautionary measure in To be held on the Link (3/31/20) Building Brands, ABL facility order to increase its cash position company’s balance sheet Inc. and preserve financial flexibility in $115 million on light of current uncertainty in the revolver (full global markets resulting from the amount) COVID-19 pandemic 4/1/20 RPT Realty $225 million to further strengthen our financial May be used for working Link (3/31/20) position and balance sheet, to capital or other general enhance our financial liquidity and corporate purposes to provide maximum financial flexibility as the effects of the COVID-19 outbreak continue to evolve and impact the global markets 4/1/20 TrueBlue, Inc. $249 million as a precautionary measure to N/A Link (3/26/20) (full amount) increase its liquidity position and financial flexibility in light of the uncertainty resulting from the COVID-19 virus

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 4/1/20 SiteOne $100 million as a precautionary measure in To be held on the Link (4/1/20) Landscape order to increase its cash position company’s balance Supply, Inc. and preserve financial flexibility in sheet; no current plans to light of current uncertainty in the deploy other than global markets resulting from the seasonal investments in COVID-19 pandemic working capital 4/1/20 CommScope $250 million a precautionary measure in order To be held on the Link (4/1/20) Holding Company, to reinforce the company’s cash company’s balance sheet Inc. position and preserve financial or used for future flexibility in light of the current liquidity, and may be uncertainty in the global economy used for working capital, resulting from the novel general corporate or coronavirus pandemic (COVID-19) other purposes 4/1/20 Steel Connect, $21 million (full part of a comprehensive N/A Link (3/30/20) Inc. amount) precautionary approach to increase the company’s cash position and maximize its financial flexibility in light of the current volatility in the global markets resulting from the novel Coronavirus (COVID-19) outbreak 4/1/20 Silicon $310 million as a precautionary measure in May be used for general Link (3/27/20) Laboratories Inc. order to increase its cash position corporate purposes or to and preserve financial flexibility in finance the purchase light of current uncertainty in the price payable under the global markets resulting from the Asset Purchase novel coronavirus outbreak Agreement with Redpine Signals, Inc. 4/1/20 Columbia $100 million to increase cash position and allow May be used for working Link (3/27/20) Sportswear (full amount) for greater financial flexibility in light capital and general Company of current uncertainty in the global corporate purposes markets resulting from the COVID- 19 outbreak 4/1/20 Trinseo S.A. $100 million as a precautionary measure to N/A Link (3/31/20) secure additional cash and ensure greater financial flexibility in light of the current economic uncertainty resulting from the COVID-19 novel coronavirus outbreak 4/1/20 Eastman $400 million as a precautionary measure due to May be used for general Link (3/26/20) Chemical increased financial market volatility, corporate purposes Company particularly in the availability and terms of commercial paper for similar issuers, resulting from the COVID-19 pandemic 4/1/20 CryoLife, Inc. $30 million (full as a precautionary measure to N/A Link (3/26/20) amount) increase cash and maintain maximum financial flexibility during the current uncertainty in global markets resulting from the COVID- 19 pandemic 4/1/20 Big 5 Sporting $76.4 million in order to enhance the company’s N/A Link (3/30/20) Goods financial flexibility during the Corporation COVID-19 pandemic

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 4/1/20 Houghton Mifflin $50 million as a precautionary measure in May be used for working Link (3/30/20) Harcourt order to increase the company’s capital, general corporate Company cash position and help maintain or other purposes financial flexibility in light of the current uncertainty resulting from the COVID-19 pandemic 4/1/20 Tailored Brands, $25 million to maximize cash on hand in N/A Link (3/31/20) Inc. response to the coronavirus outbreak 4/2/20 Synaptics $100 million in order to increase its cash To be held on the Link (3/30/20) Incorporated position and preserve financial company’s balance flexibility out of an abundance of sheet, and may be used caution as a result of the ongoing for general corporate uncertainty and volatility in the purposes global markets driven by the COVID-19 outbreak 4/2/20 Monro, Inc. $350.4 million as a precautionary measure to Currently held on the Link (3/27/20) increase its cash position and company’s balance preserve financial flexibility due to sheet, and may be used the uncertainty resulting from the for working capital and COVID-19 pandemic general corporate purposes 4/2/20 Autoliv, Inc. $600 million proactive measure in response to N/A Link (4/2/20) (full amount) the coronavirus (COVID-19) pandemic 4/2/20 Arconic $500 million a proactive measure taken by the N/A Link (4/2/20) Corporation company to bolster its liquidity and preserve financial flexibility in light of current uncertainties resulting from the novel coronavirus (“COVID-19”) outbreak 4/2/20 Del Taco $50 million a precautionary measure to bolster Currently held on the Link (3/30/20) Restaurants, Inc. its cash position and enhance its company’s balance financial flexibility given uncertain sheet, and may be used market and economic conditions as for general corporate a result of the COVID-19 pandemic purposes 4/2/20 Southwest Airlines $2.333 billion to boost liquidity N/A Link (4/1/20) Co. 4/2/20 Royal Caribbean $3.48 billion to increase its cash position and N/A Link (3/27/20) Cruises Ltd. (full amount) enable financial flexibility in light of current uncertainty resulting from the COVID-19 outbreak 4/2/20 DXC Technology $2.5 billion (full as a precautionary measure to May be used for working Link (4/1/20) Company amount) increase its cash position and capital, general corporate increase financial flexibility in light or other permitted of continuing uncertainty in the purposes global economy and financial capital markets resulting from the COVID-19 outbreak 4/2/20 Ethan Allen $20 million to provide increased liquidity and N/A Link (3/30/20) Interiors Inc. preserve financial flexibility in consideration of the disruption and uncertainty surrounding COVID-19

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 4/3/20 Sensata $400 million to provide additional liquidity and N/A Link (4/1/20) Technologies financial flexibility to mitigate the Holding plc effect on its business from the international emergency that has arisen as a result of the COVID-19 pandemic 4/3/20 Ceridian HCM $295 million as a precautionary measure to May use a portion for Link (4/2/20) Holding Inc. increase its cash position and general corporate preserve financial flexibility in light purposes of the current uncertainty in the global capital markets resulting from the COVID-19 pandemic 4/3/20 Sonoco Products $100 million on N/A To be used for general Link (4/1/20) Company new term loan corporate purposes and (full amount) to repay commercial paper $250 million on existing revolver 4/3/20 Tupperware $225 million as a proactive measure given the N/A Link (3/30/20) Brands uncertain environment resulting Corporation from the COVID-19 pandemic and for customary working capital needs 4/3/20 Marriott $2 billion to increase its cash position and Currently held on the Link (4/2/20) International, Inc. preserve financial flexibility in light company’s balance of the impact on global markets sheet, and may be used resulting from the COVID-19 to repay commercial situation paper and for general corporate purposes 4/3/20 Acushnet $200 million to further bolster its liquidity N/A Link (3/27/20) Holdings Corp. position and to provide additional financial flexibility in light of the current uncertainty surrounding the impact of COVID-19 4/3/20 Tenneco Inc. $1.2 billion to further add to cash balances and N/A Link (4/3/20) mitigate the impact from the global production slowdown in connection with the COVID-19 pandemic 4/3/30 Regal Beloit $255 million as a proactive measure to increase No current plans to use Link (4/1/20) Corporation (full amount) the company’s cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID- 19 pandemic 4/3/30 Peabody Energy $300 million to ensure it maintains ample May be used for general Link (4/3/20) Corporation financial flexibility in light of the corporate purposes current uncertainty in the global markets caused by the COVID-19 outbreak 4/3/30 Essential Utilities, $500 million to strengthen its liquidity and cash To be used for general Link (4/3/20) Inc. (new term position, and maximize its financial corporate purposes loan) flexibility in light of the uncertainty surrounding the impact of the coronavirus (COVD-19) pandemic

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK 4/3/30 The Chemours $300 million as a precautionary measure in light May be used for working Link (4/3/20) Company of macroeconomic uncertainties capital needs or other driven by the coronavirus (“COVID- general corporate 19”) purposes 4/3/30 Primo Water $170 million as a precautionary measure to Currently held on the Link (3/31/20) Corporation increase its cash position and company’s balance preserve financial flexibility sheet, and may be used considering current uncertainty in for working capital or the global markets resulting from other general corporate the COVID-19 outbreak purposes 4/3/30 The Timken $350 million as a precautionary measure to Currently held on the Link (4/3/20) Company increase its cash position and company’s balance enhance its financial flexibility sheet, and may be used during this period of uncertainty in for general corporate the global markets resulting from purposes the ongoing coronavirus (“COVID- 19”) pandemic 4/6/20 Culp, Inc. $9.75 million as a precautionary measure to N/A Link (4/3/20) (full amount) further bolster its liquidity position and to provide additional financial flexibility in light of the current uncertainty surrounding the impact of the COVID-19 pandemic 4/6/20 Capri Holdings $300 million initiative to reduce the impact of N/A Link (4/1/20) Limited (full amount) COVID-19 4/6/20 NN, Inc. $60 million to increase liquidity in light of N/A Link (4/3/20) uncertainty associated with the ongoing coronavirus (COVID-19) pandemic 4/7/20 Garrett Motion Inc. $396 million to increase its financial flexibility in N/A Link (4/6/20) (full amount) the current environment 4/7/20 Levi Strauss & Co. $300 million as a precautionary measure in Currently held on the Link (4/2/20) order to increase its cash position company’s balance and maximize liquidity given the sheet, and may be used uncertainty in global markets for general corporate resulting from the COVID-19 purposes pandemic 4/7/20 NorthWestern $100 million on as a precautionary measure in To be used to pay down Link (4/3/20) Corporation new term loan order to increase our cash position a portion of outstanding (full amount) and preserve financial flexibility in revolver borrowings and light of current uncertainty in the for general corporate markets resulting from the COVID- purposes 19 outbreak 4/7/20 V.F. Corporation $1 billion as a proactive, precautionary N/A Link (4/6/20) measure 4/8/20 Alphatec $20 million to further extend its cash runway N/A Link (4/2/20) Holdings, Inc. and reinforce its balance sheet in light of the current uncertainty surrounding the impact of the novel COVID-19 coronavirus 4/8/20 Anika $50 million (full as a precautionary measure to May be used for working Link (4/8/20) Therapeutics amount) strengthen our liquidity in light of capital, general corporate continuing uncertainty in the global or other permitted economy and financial capital purposes

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DATE OF 8-K (DRAW) COMPANY AMOUNT RATIONALE USE OF PROCEEDS LINK markets resulting from the COVID- 19 pandemic 4/9/20 LCI Industries $440 million to increase its cash position and N/A Link (4/8/20) improve financial flexibility in response to the COVID-19 pandemic 4/9/20 Realty Income $1.2 billion as a precautionary measure in May be used for working Link (4/9/20) Corporation order to further strengthen its capital and other general liquidity position and enhance its corporate purposes financial flexibility in light of the economic uncertainty and rapidly- evolving circumstances related to the COVID-19 pandemic 4/10/20 Orthofix Medical $100 million to preserve financial flexibility in To fund future operations Link (4/9/20) Inc. view of the ongoing business and strategic initiatives in disruptions caused by the COVID- the event of a prolonged 19 global pandemic slowdown of elective surgical procedures or other prolonged financial effects from COVID-19 4/14/20 Scientific Games $480 million to give the company maximum N/A Link (4/9/20) Corporation flexibility during these difficult times 4/14/20 Kura Sushi USA, $0 million as a precautionary measure in N/A Link (4/10/20) Inc. (entered into order to increase its access to new revolver, liquidity in light of the restaurant but no draw) closures and economic uncertainty resulting from the COVID-19 outbreak 4/15/20 Washington Prime $120 million to increase liquidity and preserve N/A Link (4/14/20) Group Inc. financial flexibility in light of the current uncertainty surrounding the impact of the COVID-19 global pandemic, 4/16/20 Standard Motor $75 million as a precautionary measure to May be used for working Link (4/15/20) Products, Inc. increase the company’s cash capital, ongoing position and preserve financial operating needs and flexibility in light of the current general corporate uncertainty in the global markets purposes resulting from the COVID-19 pandemic 4/16/20 Columbia $200 million to allow for greater financial May be used for working Link (4/ Sportswear flexibility in light of current capital and general Company uncertainty in the global markets corporate purposes resulting from the COVID-19 pandemic 4/20/20 General Electric $0 draw, but N/A N/A Link (4/17/20) Company refinanced $15 billion revolver

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