U.S. Department of the Treasury: Visual Semantics, "Transaction Summary"

Summary

A Treasury transaction summary for a $1,053,200 loan to Visual Semantics, Inc., described as a business critical to maintaining national security with approximately 9 U.S. employees in March 2020. Treasury made the unsecured loan under section 4003(b)(3) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act at LIBOR plus 5.5%, maturing on October 30, 2025, and funded it in full at close. The proceeds will provide liquidity to continue the Company's operations. Covenants restrict employee compensation, stock repurchases, dividends and reductions in employment levels, and Treasury will receive 3% payment-in-kind annual interest under section 4003(d).

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“U.S. Department of the Treasury: Visual Semantics, ‘Transaction Summary.’” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-visual-semantics-transaction-summary-da617587e9/, SHA-256 478a97411ac9f0cac877b2d1c2fd09250541f813b728ef85d827a8443b376ff2.

Full text

                                     Transaction Summary

The U.S. Department of the Treasury agreed to make a loan totaling $1,053,200 to Visual
Semantics, Inc. (the Company), a business critical to maintaining national security with
approximately 9 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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SHA-256: 478a97411ac9f0cac877b2d1c2fd09250541f813b728ef85d827a8443b376ff2
Our copy: TREAS-Visual-Semantics-Transaction-Summary.pdf
Original: home.treasury.gov