Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information required by this Item 2.03 is set forth in Item 8.01-Other Events below and incorporated herein by reference.




Item 8.01. Other Events.
On April 24, 2020, the Company borrowed $34.0 million on its $125.0 million
Amended and Restated Credit Agreement dated as of November 6, 2018 (as amended
to date, the "Credit Agreement"), bringing the total principal amount
outstanding under the Credit Agreement to $122.0 million of revolving credit
loans and $2.3 million of outstanding letters of credit. This borrowing was a
precautionary measure to increase the Company's cash position and preserve
financial flexibility considering the current uncertainty in the global markets
resulting from the COVID-19 pandemic. Subsequent to the borrowing, the Company
had over $65.0 million of cash and cash equivalents. The Company decided to draw
down the remaining capacity in order to increase its liquidity position and
provide financial flexibility in light of the uncertainty resulting from the
COVID-19 pandemic. In accordance with the terms of the Credit Agreement, the
proceeds from the draw down may be used for general corporate purposes.
Borrowings under the Credit Agreement mature in November of 2023, and the
Company may prepay amounts borrowed any time without premium or penalty (subject
to customary break funding expenses, if any).
Item 7.01. Regulation FD Disclosure.
On April 29, 2020, the Company issued a press release announcing the draw down
under the Credit Agreement, which is being furnished herewith as Exhibit 99.1.
As provided in General Instruction B.2. of Form 8-K, the information and exhibit
furnished pursuant to Item 7.01 of this report are being furnished and shall not
be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that Section,
shall not be incorporated by reference into any registration statement or other
document filed pursuant to the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended, regardless of any general
incorporation language in such filing. In addition, the exhibit furnished
herewith contains statements intended as "forward-looking statements" that are
subject to the cautionary statements about forward-looking statements set forth
in such exhibit.
Item 9.01 Financial Statements and Exhibits.
(d)  Exhibits
Exhibit No.                 Description
99.1            Press release dated April 29, 2020.

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