Update On U.S. Main Street Lending Program

Torys previously issued guidance and updates on the United States Federal Reserve's three loan programs created under the Main Street Lending Program (MSLP) established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). These programs, the Main Street New Loan Facility Program (MSNLF), the Main Street Expanded Loan Facility (MSELF), and the Main Street Priority Loan Program (MSPLF), will make up to $600B of term loans available to small- and medium-sized American businesses impacted by the COVID-19 pandemic.

MSNLF provides Eligible Borrowers with access to new loans of up to the lesser of $35 million and the amount that, when added to outstanding and undrawn available debt, does not exceed four times the borrower's 2019 adjusted EBITDA. The MSELF will support upsize tranches of existing term loan or revolving credit facilities of up to the lesser of $300 million and the amount that, when added to outstanding and undrawn available debt, does