[sheet: Timeline & Milestones]
Task No. | Workstream | Task Description | Primary Responsible Party | Supporting Parties | Target Date | Actual / Revised Date | Status | Notes
1 | Engagement | Open new matter; run conflicts check at Calderwood & Harkness LLP | Eric Johannsen (C&H) | Robert Adeyemi (C&H) | 2026-04-06 | 2026-04-06 | Completed | Matter No. 1038-00003; Billing Partner Code JKW-2026-0406; conflicts cleared against Redmond Zanthor & Co. LLC, Pinnacle Bancorp Securities LLC, Hargrove & Lassiter LLP, Granville & Hooper LLP, Meridian Trust Company, N.A.
2 | Engagement | Circulate engagement letter to Diane Kowalski, EVP, General Counsel & Corporate Secretary, Cascade Retail Holdings Inc. | Robert Adeyemi (C&H) | Jennifer Kwon (C&H) | 2026-04-06 | 2026-04-06 | Completed | Addressed to 4200 Harbor Boulevard, Suite 1100, Bellevue, WA 98004; scope: issuer's counsel for Form S-3 shelf covering up to $3,000,000,000; fee estimate $275,000–$350,000 (excl. SEC fees & printing)
3 | Engagement | Execute engagement letter | Diane Kowalski (CRH) | Robert Adeyemi (C&H) | 2026-04-09 | 2026-04-09 | Completed | Countersigned April 9, 2026; hourly rates: Adeyemi $1,650/hr, Kwon $1,575/hr, Johannsen $985/hr, Dempsey $785/hr
4 | Planning | Prepare and circulate kick-off call agenda | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-04-11 | 2026-04-11 | Completed | Agenda distributed to CRH, Redmond Zanthor & Co. LLC, and Pinnacle Bancorp Securities LLC participants
5 | Planning | Kick-off call — all parties | Robert Adeyemi (C&H) | All parties | 2026-04-14 | 2026-04-14 | Completed | Participants: CRH — D. Kowalski, M. Cheng, A. Petrova, T. Briggs; C&H — R. Adeyemi, J. Kwon, E. Johannsen, C. Dempsey; Redmond Zanthor — L. Whitfield, D. Simmons; Pinnacle Securities — N. Reeves. Discussed $3B shelf size, WKSI status, ATM program, potential debt offering, rating agencies (Clearfield BBB stable, Atlas Baa2 stable), target filing May 26, 2026
6 | Planning | Circulate kick-off call summary and action items | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-04-16 | 2026-04-16 | Completed | Action items assigned with deadlines; distributed to all participants
7 | Diligence | Prepare and deliver preliminary diligence request list to CRH (Attn: Anya Petrova) | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-04-21 | 2026-04-21 | Completed | Covers 9 categories: Corp Org, Authorized Capital, Prior SEC Filings (incl. File No. 333-248710), Material Contracts (Northgate revolver, indentures for 4.250% Notes due 2031 / 5.125% Notes due 2034), Board Minutes, Litigation, Tax/Benefits, Real Property, IP; requests documents for 3 most recent fiscal years
8 | Diligence | CRH to begin producing responsive diligence documents | Anya Petrova (CRH) | Diane Kowalski (CRH); Thomas Briggs (CRH) | 2026-04-28 | In Progress | Includes certificate of incorporation, bylaws, good-standing certificates for CRH (DE File No. 3487201) and material subs: Cascade Retail Operating Company LLC (DE), Cascade Digital Commerce Inc. (DE), CRH Distribution Services LLC (WA), Cascade Retail Canada ULC (BC, Canada)
9 | Analysis | Prepare WKSI eligibility and Form S-3 analysis memorandum | Claire Dempsey (C&H) | Eric Johannsen (C&H) | 2026-04-18 | 2026-04-18 | Completed | CRH qualifies as WKSI: public float ~$5.9B (186,276,480 non-affiliate shares × $31.68 = $5,901,238,246) vs. $700M threshold; insider/affiliate ownership ~13.2%; automatic shelf effectiveness upon filing; CRH reporting since Nasdaq listing March 22, 2004
10 | Analysis | Prepare existing shelf utilization summary (File No. 333-248710) | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-04-16 | 2026-04-16 | Completed | Prior shelf filed June 12, 2023; effective June 28, 2023; original amount $2,500,000,000; takedowns: $800M equity (Aug 2023) + $475M senior notes (Nov 2024) = $1,275,000,000; remaining capacity $1,225,000,000; expires June 28, 2026
11 | Analysis | Prepare corporate authority & charter diligence memorandum | Claire Dempsey (C&H) | Eric Johannsen (C&H) | 2026-04-25 | 2026-04-25 | Completed | Reviewed: A&R Certificate of Incorporation (incorp. Sept 14, 2001, DE); authorized capital 500M common ($0.01 par) + 25M preferred ($0.01 par, none issued); 214,600,000 shares outstanding as of March 15, 2026; registered agent: National Registered Agents of Delaware, Inc., 160 Greentree Drive, Ste 101, Dover, DE 19904; board: 11 directors (9 independent); CEO: Franklin Alvarez
12 | Diligence | Obtain updated good-standing certificates for CRH and material subsidiaries | Anya Petrova (CRH) | Claire Dempsey (C&H) | 2026-05-09 | Pending | DE good standing for CRH, Cascade Operating, Cascade Digital; WA good standing for CRH Distribution; BC good standing for Cascade Canada; needed before filing
13 | Diligence | Review material contracts: Northgate Capital Bank credit agreement, indentures | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-05-02 | In Progress | $1.5B senior secured revolving credit facility (Northgate Capital Bank, N.A., admin agent; $430M drawn; matures Aug 15, 2029); 4.250% Senior Notes due 2031 ($750M); 5.125% Senior Notes due 2034 ($500M); total debt $2.18B; cash $610M; net debt $1.57B; Net Debt/EBITDA 1.38×
14 | Drafting | Circulate first draft Form S-3 registration statement (base prospectus) | Eric Johannsen (C&H) | Claire Dempsey (C&H); Robert Adeyemi (C&H); Jennifer Kwon (C&H) | 2026-05-05 | Target | Universal shelf: $3B covering common stock, preferred stock, debt securities (senior & subordinated), depositary shares, warrants, subscription rights, purchase contracts, units; issuer: Cascade Retail Holdings Inc. (Nasdaq: CRHI, CIK 0001287450, EIN 91-2074583); legal matters: C&H; experts: Granville & Hooper LLP; transfer agent: Meridian Trust Company, N.A.; filing fee table: $459,300.00 ($3B × $153.10/$1M)
15 | Drafting | CRH in-house review and comments on first draft Form S-3 | Anya Petrova (CRH) | Diane Kowalski (CRH); Marcus Cheng (CRH) | 2026-05-09 | Target | Circulate mark-up to C&H and underwriters' teams
16 | Drafting | Redmond Zanthor & Pinnacle Securities review and comments on first draft Form S-3 | Laura Whitfield (Redmond Zanthor) | Derek Simmons (Redmond Zanthor); Nathan Reeves (Pinnacle Securities) | 2026-05-09 | Target | Coordinate with Hargrove & Lassiter LLP (Rachel Stein) once formally engaged as underwriters' counsel
17 | Drafting | Circulate first draft prospectus supplements (equity ATM program, debt) | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-05-12 | Target | Equity ATM supplement for Redmond Zanthor as sales agent; debt supplement template for potential senior unsecured notes; ratings: Clearfield BBB (stable, Feb 2025), Atlas Baa2 (stable, Mar 2025)
18 | Drafting | Prepare draft equity underwriting agreement (template) | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-05-12 | Target | Identifies CRH as issuer, Redmond Zanthor & Co. LLC as representative, Pinnacle Bancorp Securities LLC as co-manager; NY governing law; comfort letter from Granville & Hooper LLP; opinions from C&H (issuer's counsel) and Hargrove & Lassiter LLP (underwriters' counsel)
19 | Drafting | Prepare draft board resolutions authorizing shelf filing | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-05-05 | Target | Authorizes: (1) Form S-3 filing for up to $3B; (2) pricing committee (CEO Franklin Alvarez + CFO Marcus Cheng + one director); (3) execution of underwriting agreements, supplemental indentures, ancillary docs; (4) appointment of Meridian Trust Company, N.A. as trustee for debt; (5) SEC filing fees; DGCL governed
20 | Drafting | Prepare draft secretary's certificate | Claire Dempsey (C&H) | Eric Johannsen (C&H) | 2026-05-05 | Target | Certifying officer: Diane Kowalski (EVP, General Counsel & Corporate Secretary); covers incumbency, board resolutions, A&R Certificate of Incorporation, A&R Bylaws, DE good standing (File No. 3487201)
21 | Diligence | Management diligence call with CRH senior management | Robert Adeyemi (C&H) | Eric Johannsen (C&H); Jennifer Kwon (C&H); Claire Dempsey (C&H); Diane Kowalski (CRH); Marcus Cheng (CRH); Anya Petrova (CRH); Thomas Briggs (CRH) | 2026-05-19 | Target | Topics: business updates, FY2026 financials (revenue $11.42B, net income $487.3M, adj. EBITDA $1.14B, total assets $9.67B), litigation/regulatory matters, pending material developments, 387 stores in 29 states + 41 Canadian stores, capital markets outlook
22 | Corporate Approvals | CRH Board of Directors meeting — adopt resolutions authorizing shelf registration | Diane Kowalski (CRH) | Franklin Alvarez (CRH); Marcus Cheng (CRH) | 2026-05-16 | Target | Board of 11 directors (9 independent); resolutions to authorize filing of Form S-3, delegation of takedown authority to pricing committee, SEC filing fee payment of approx. $459,300.00
23 | Drafting | Revised / final draft Form S-3 incorporating all comments | Eric Johannsen (C&H) | Claire Dempsey (C&H); Anya Petrova (CRH) | 2026-05-22 | Target | Incorporate CRH, underwriter, and underwriters' counsel comments; finalize filing fee table; confirm all exhibits and incorporation by reference
24 | Filing Preparation | Prepare EDGAR filing documents (registration statement, exhibits, filing fee table) | Claire Dempsey (C&H) | Eric Johannsen (C&H) | 2026-05-23 | Target | EDGAR CIK: 0001287450; SEC filing fee: $459,300.00; coordinate with CRH treasury (Thomas Briggs) for fee payment
25 | Filing Preparation | CRH to wire SEC filing fee ($459,300.00) | Thomas Briggs (CRH) | Marcus Cheng (CRH) | 2026-05-23 | Target | Based on $3,000,000,000 × $153.10 per $1,000,000 = $459,300.00 (FY2026 SEC fee rate; confirm at time of filing)
26 | Filing Preparation | Finalize and execute secretary's certificate and officer signatures | Diane Kowalski (CRH) | Claire Dempsey (C&H) | 2026-05-26 | Target | Certify incumbency, resolutions, organizational documents, good standing
27 | Filing | File registration statement on Form S-3 with the SEC via EDGAR | Eric Johannsen (C&H) | Claire Dempsey (C&H); Anya Petrova (CRH) | 2026-05-26 | Target | Automatic shelf — effective upon filing as WKSI; new SEC File No. to be assigned
28 | Post-Filing | Confirm automatic effectiveness; distribute filing confirmation to all parties | Eric Johannsen (C&H) | Claire Dempsey (C&H) | 2026-05-26 | Target | Notify CRH, Redmond Zanthor, Pinnacle Securities, Hargrove & Lassiter LLP, Meridian Trust, Granville & Hooper LLP
29 | Reference | Expiration of prior shelf registration (File No. 333-248710) | N/A | N/A | 2026-06-28 | Reference Date | Prior shelf effective June 28, 2023; three-year expiration; remaining capacity $1,225,000,000 lapses; new shelf supersedes
30 | Post-Filing | Coordinate with Hargrove & Lassiter LLP on underwriters' counsel diligence for future takedowns | Eric Johannsen (C&H) | Rachel Stein (H&L) | Ongoing post-filing | Target | Formal engagement of H&L expected around time of first takedown
[sheet: Responsibility Matrix]
Organization | Name | Title / Role | Responsibility Area | Email Placeholder | Office Location
Calderwood & Harkness LLP | Robert Adeyemi | Responsible Partner, Capital Markets | Overall engagement supervision; lead on management diligence call; final review of all drafts | [email] | 1501 Fourth Avenue, Suite 4800, Seattle, WA 98101
Calderwood & Harkness LLP | Jennifer Kwon | Billing Partner, Capital Markets | Billing oversight; senior review of registration statement and underwriting agreement | [email] | 1501 Fourth Avenue, Suite 4800, Seattle, WA 98101
Calderwood & Harkness LLP | Eric Johannsen | Lead Associate, Capital Markets | Day-to-day project management; drafting of Form S-3, prospectus supplements, underwriting agreement, board resolutions; diligence coordination; EDGAR filing | [email] | 1501 Fourth Avenue, Suite 4800, Seattle, WA 98101
Calderwood & Harkness LLP | Claire Dempsey | Working Associate, Capital Markets | Timeline maintenance; drafting support (secretary's certificate, WKSI memo, corporate authority memo); EDGAR preparation; good-standing certificate tracking | [email] | 1501 Fourth Avenue, Suite 4800, Seattle, WA 98101
Cascade Retail Holdings Inc. | Diane Kowalski | EVP, General Counsel & Corporate Secretary | Primary client contact; board resolutions; secretary's certificate execution; organizational document production | [email] | 4200 Harbor Boulevard, Suite 1100, Bellevue, WA 98004
Cascade Retail Holdings Inc. | Marcus Cheng | SVP, Chief Financial Officer | Financial diligence; management diligence call; pricing committee member; comfort letter coordination with Granville & Hooper LLP | [email] | 4200 Harbor Boulevard, Suite 1100, Bellevue, WA 98004
Cascade Retail Holdings Inc. | Anya Petrova | VP, Deputy General Counsel — Securities & Corp. Governance | Diligence document production; Form S-3 review; SEC filing coordination; securities compliance | [email] | 4200 Harbor Boulevard, Suite 1100, Bellevue, WA 98004
Cascade Retail Holdings Inc. | Thomas Briggs | VP, Treasury & Capital Markets | SEC filing fee payment; capital structure matters; credit facility and debt instrument coordination | [email] | 4200 Harbor Boulevard, Suite 1100, Bellevue, WA 98004
Cascade Retail Holdings Inc. | Franklin "Frank" Alvarez | Chief Executive Officer | Pricing committee member; registration statement signatory | [email] | 4200 Harbor Boulevard, Suite 1100, Bellevue, WA 98004
Redmond Zanthor & Co. LLC | Laura Whitfield | Managing Director, Equity Capital Markets | Lead book-runner coordination; equity ATM program; Form S-3 review | [email] | 383 Madison Square, New York, NY 10017
Redmond Zanthor & Co. LLC | Derek Simmons | Director, Debt Capital Markets | Potential debt takedown coordination; rating agency engagement (Clearfield / Atlas) | [email] | 383 Madison Square, New York, NY 10017
Pinnacle Bancorp Securities LLC | Nathan Reeves | Managing Director, Investment Banking | Co-manager coordination; Form S-3 review | [email] | 200 South Wacker Drive, Suite 3000, Chicago, IL 60606
Hargrove & Lassiter LLP | Rachel Stein | Partner, Capital Markets | Anticipated underwriters' counsel; review of registration statement and underwriting agreement (engagement expected closer to first takedown) | [email] | 51 West 52nd Street, New York, NY 10019
Meridian Trust Company, N.A. | William Ochoa | VP, Corporate Trust Services | Transfer agent & registrar for common stock; anticipated trustee for debt securities under new indenture | [email] | 6201 15th Avenue, Brooklyn, NY 11219
Granville & Hooper LLP | Sandra Kim | Lead Engagement Partner | Independent auditor; consent for incorporation by reference of audit report; comfort letters for future takedowns | [email] | 1700 Market Street, Suite 2400, Philadelphia, PA 19103
[sheet: Key Reference Data]
Category | Item | Value | Notes
Issuer | Full Legal Name | Cascade Retail Holdings Inc. | Delaware corporation; Nasdaq: CRHI
Issuer | CIK Number | 0001287450 | SEC EDGAR identifier
Issuer | EIN | 91-2074583
Issuer | Delaware File Number | 3487201 | Incorporated September 14, 2001
Issuer | Headquarters | 4200 Harbor Boulevard, Suite 1100, Bellevue, WA 98004
Issuer | DE Registered Agent | National Registered Agents of Delaware, Inc., 160 Greentree Drive, Suite 101, Dover, DE 19904
Issuer | Nasdaq Listing Date | March 22, 2004 | Ticker: CRHI
Issuer | Fiscal Year End | January 31 | FY2026 ended January 31, 2026
Capital Structure | Authorized Common Stock | 500,000,000 shares ($0.01 par)
Capital Structure | Authorized Preferred Stock | 25,000,000 shares ($0.01 par) | None issued
Capital Structure | Outstanding Common Stock | 214,600,000 shares | As of March 15, 2026
Capital Structure | Insider / Affiliate Ownership | ~13.2% | ~28,327,200 affiliate shares
Capital Structure | Non-Affiliate (Public Float) Shares | 186,276,480 shares | Per last proxy statement
Market Data | Closing Stock Price (April 4, 2026) | $31.68 | Reference date for WKSI calculation
Market Data | Market Capitalization | ~$6,798,528,000 | 214,600,000 × $31.68
Market Data | Estimated Public Float | ~$5,901,238,246 | 186,276,480 × $31.68; exceeds $700M WKSI threshold
Market Data | Quarterly Dividend | $0.22/share ($0.88 annual) | Annual payout: ~$188,848,000
Financials (FY2026) | Revenue | $11,420,000,000 | Ended January 31, 2026
Financials (FY2026) | Net Income | $487,300,000
Financials (FY2026) | Adjusted EBITDA | $1,140,000,000 | EBITDA margin: 9.99%
Financials (FY2026) | Total Assets | $9,670,000,000 | As of January 31, 2026
Financials (FY2026) | Total Debt | $2,180,000,000 | Revolver $430M + 4.250% Notes $750M + 5.125% Notes $500M + other $500M
Financials (FY2026) | Cash & Equivalents | $610,000,000 | As of January 31, 2026
Financials (FY2026) | Net Debt | $1,570,000,000 | $2,180M − $610M
Financials (FY2026) | Net Debt / EBITDA | 1.38× | $1,570M ÷ $1,140M
Debt Instruments | Revolving Credit Facility | $1,500,000,000 (commitment); $430,000,000 drawn | Northgate Capital Bank, N.A. as admin agent; matures August 15, 2029
Debt Instruments | 4.250% Senior Notes due 2031 | $750,000,000 aggregate principal | Outstanding
Debt Instruments | 5.125% Senior Notes due 2034 | $500,000,000 aggregate principal | Outstanding
Ratings | Clearfield Rating Services Inc. | BBB (stable outlook) | Issuer rating; assigned February 2025
Ratings | Atlas Rating Group LLC | Baa2 (stable outlook) | Issuer rating; assigned March 2025
Board / Governance | Board of Directors | 11 members (9 independent) | CEO: Franklin Alvarez
Operations | Physical Stores (U.S.) | 387 stores in 29 states
Operations | Canadian Stores | 41 stores | Operated through Cascade Retail Canada ULC (BC)
Prior Shelf | SEC File No. | 333-248710
Prior Shelf | Filed / Effective | June 12, 2023 / June 28, 2023 | Three-year shelf
Prior Shelf | Original Amount | $2,500,000,000
Prior Shelf | Takedowns to Date | $1,275,000,000 | $800M equity (Aug 2023) + $475M senior notes (Nov 2024)
Prior Shelf | Remaining Capacity | $1,225,000,000 | $2,500M − $1,275M
Prior Shelf | Expiration Date | June 28, 2026 | New shelf must be filed before this date
New Shelf | Proposed Aggregate Offering Amount | $3,000,000,000 | Universal shelf: common, preferred, debt (sr. & sub.), depositary shares, warrants, subscription rights, purchase contracts, units
New Shelf | Form | Form S-3 (Automatic Shelf — WKSI) | Effective upon filing
New Shelf | Estimated SEC Filing Fee | $459,300.00 | $3,000,000,000 × $153.10 per $1,000,000 (FY2026 rate)
New Shelf | Target Filing Date | May 26, 2026
New Shelf | SEC File No. | To be assigned upon filing
Engagement | C&H Matter Number | 1038-00003
Engagement | C&H Billing Partner Code | JKW-2026-0406 | Jennifer Kwon
Engagement | C&H Fee Estimate | $275,000 – $350,000 | Through shelf effectiveness; hourly; excl. SEC fees and printing
Material Subsidiaries | Cascade Retail Operating Company LLC | Delaware LLC | Primary operating subsidiary
Material Subsidiaries | Cascade Digital Commerce Inc. | Delaware corporation | E-commerce platform operations
Material Subsidiaries | CRH Distribution Services LLC | Washington LLC | Warehousing and logistics
Material Subsidiaries | Cascade Retail Canada ULC | British Columbia (Canada) ULC | Canadian retail operations (41 stores)