U.S. Department of the Treasury: American Jet International, "Transaction Summary"
Summary
This Treasury transaction summary describes a loan totaling $1,162,124 to American Jet International Corp., an air carrier with approximately 44 U.S. employees in March 2020. Treasury made the loan under section 4003(b)(1) of the CARES Act, secured by accounts receivable, at an annual interest rate equal to LIBOR plus 3.5%, maturing on November 5, 2025. The Company may draw the proceeds in a single draw through November 19, 2020, to provide liquidity to continue the Company's operations. The loan constitutes senior indebtedness of the Company, and Treasury will receive 3% payment-in-kind annual interest under section 4003(d).
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“U.S. Department of the Treasury: American Jet International, ‘Transaction Summary.’”
Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-american-jet-international-transaction-3e834c7e3c/
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Transaction Summary Treasury agreed to make a loan totaling $1,162,124 to American Jet International Corp. (the Company), an air carrier with approximately 44 U.S. employees in March 2020. Treasury made the loan pursuant to section 4003(b)(1) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The loan is secured by accounts receivable. It has an annual interest rate equal to LIBOR plus 3.5% and matures on November 5, 2025. The Company may draw the loan proceeds in a single draw through November 19, 2020. The loan proceeds will be used to provide liquidity to continue the Company’s operations. The transaction agreement includes covenants by the Company to comply with certain restrictions on employee compensation, stock repurchases, dividends, and reductions in employment levels, as required by the CARES Act. The loan constitutes senior indebtedness of the Company, and Treasury will receive 3% payment-in-kind annual interest on the loan in accordance with section 4003(d) of the CARES Act.
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