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U.S. Department of the Treasury: Island Wings, "Transaction Summary"

Summary

Treasury agreed to make a loan totaling $294,350 to Island Wings, Inc. under section 4003(b)(1) of the CARES Act, according to this transaction summary. Secured by aircraft, the loan bears interest at LIBOR plus 3.5% and matures on November 5, 2025, with a single draw available through November 19, 2020. The proceeds will be used 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: Island Wings, ‘Transaction Summary.’” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-island-wings-transaction-summary-30f48e6fc2/, SHA-256 73a02f647030a394e5afc42dd89d6debcca7061f63b814c11616d3349a37bbe9.

Full text

                                    Transaction Summary

Treasury agreed to make a loan totaling $294,350 to Island Wings, Inc. (the Company).

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 aircraft. The loan has an 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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