U.S. Department of the Treasury: Map Large, "Transaction Summary"

Summary

Under section 4003(b)(3) of the CARES Act, Treasury agreed to make a loan totaling $10,000,000 to Map Large, Inc., which the summary describes as a business critical to maintaining national security with approximately 37 U.S. employees in March 2020. The unsecured loan has an annual interest rate of LIBOR plus 5.5% and matures on October 31, 2025, and Treasury funded the full amount at close. The agreement includes covenants on employee compensation, stock repurchases, dividends, and reductions in employment levels. Treasury will receive 3% payment-in-kind annual interest in accordance with section 4003(d).

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Cite this document

“U.S. Department of the Treasury: Map Large, ‘Transaction Summary.’” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-map-large-transaction-summary-21fed28e86/, SHA-256 e39de3308610e4c43afd8cb6811e68858f6e211ac3989f509837259b16e56e79.

Full text

                                     Transaction Summary

The U.S. Department of the Treasury agreed to make a loan totaling $10,000,000 to Map Large,
Inc. (the Company), a business critical to maintaining national security with approximately 37
U.S. employees in March 2020.

Treasury made the loan pursuant to section 4003(b)(3) of the Coronavirus Aid, Relief, and
Economic Security (CARES) Act. The loan is unsecured. It has an annual interest rate equal to
LIBOR plus 5.5% and matures on October 31, 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 receive 3% payment-in-kind annual interest on the loan in
accordance with section 4003(d) of the CARES Act.

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Our copy: TREAS-Map-Large-Transaction-Summary.pdf
Original: home.treasury.gov