U.S. Department of the Treasury: Bristin Travel Loan, "Transaction Summary"

Summary

The U.S. Department of the Treasury's transaction summary states that Treasury agreed to make a loan totaling $0.5 million to Bristin Travel, LLC, a ticket agent with approximately 12 U.S. employees in March 2020. The loan was made under section 4003(b)(1) of the CARES Act and is secured by the Company's accounts receivable. It has an interest rate equal to LIBOR plus 3.5% and matures on October 24, 2025, and Treasury funded the full loan amount at close. Treasury will also receive 3% payment-in-kind annual interest on the loan under section 4003(d).

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Cite this document

“U.S. Department of the Treasury: Bristin Travel Loan, ‘Transaction Summary.’” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-bristin-travel-loan-transaction-summary-a905603819/, SHA-256 9b1e9df14710ef01bdbdacc6eaf5ce0a03f0e85987b043de6224f13c25717479.

Full text

                                     Transaction Summary

The U.S. Department of the Treasury agreed to make a loan totaling $0.5 million to Bristin
Travel, LLC (the Company), a ticket agent with approximately 12 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 the Company’s accounts receivable.
The loan has an interest rate equal to LIBOR plus 3.5% and matures on October 24, 2025.
Treasury funded the full loan amount at close. 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 also receive 3%
payment-in-kind annual interest on the loan in accordance with section 4003(d) of the CARES
Act.

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File: TREAS-Bristin-Travel-Loan-Summary.pdf
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SHA-256: 9b1e9df14710ef01bdbdacc6eaf5ce0a03f0e85987b043de6224f13c25717479
Our copy: TREAS-Bristin-Travel-Loan-Summary.pdf
Original: home.treasury.gov