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U.S. Department of the Treasury: Meridian Rapid Defense Group, "Transaction Summary"

Summary

A Treasury transaction summary of a $7,100,000 loan to Meridian Rapid Defense Group, LLC, a business critical to maintaining national security with approximately 14 U.S. employees in March 2020. Treasury made the unsecured loan under section 4003(b)(3) of the CARES Act at an annual interest rate of LIBOR plus 5.5%, maturing on October 30, 2025, and funded the full loan amount at close. Proceeds are to provide liquidity to continue the Company's operations. The loan constitutes senior indebtedness of the Company, with 3% payment-in-kind annual interest to Treasury.

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“U.S. Department of the Treasury: Meridian Rapid Defense Group, ‘Transaction Summary.’” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-meridian-rapid-defense-group-transactio-88e5861ad5/, SHA-256 756e3325d5c2f45832bcae6de5cb049582899942d0a49eff4f2c23d3b0b982e0.

Full text

                                     Transaction Summary

The U.S. Department of the Treasury agreed to make a loan totaling $7,100,000 to Meridian
Rapid Defense Group, LLC (the Company), a business critical to maintaining national security
with approximately 14 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 30, 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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