U.S. Department of the Treasury: Wiser Imagery Services, "Transaction Summary"

Summary

Treasury agreed to lend $3,069,700 to Wiser Imagery Services, LLC under section 4003(b)(3) of the CARES Act, according to this transaction summary. The summary calls the Company a business critical to maintaining national security, with approximately 135 U.S. employees in March 2020. The loan is unsecured, bears interest at LIBOR plus 5.5%, matures on October 30, 2025 and was funded in full at close to provide liquidity for continued operations. It is senior indebtedness of the Company, carries 3% payment-in-kind annual interest to Treasury under section 4003(d), and comes with CARES Act covenants on employee compensation, stock repurchases, dividends and employment levels.

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Cite this document

“U.S. Department of the Treasury: Wiser Imagery Services, ‘Transaction Summary.’” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-wiser-imagery-services-transaction-summ-b6f145e702/, SHA-256 f8eaa5b06850221c6ba79719f2a03d6fe6fefdb11e54ec06a48d97d730353be0.

Full text

                                     Transaction Summary

The U.S. Department of the Treasury agreed to make a loan totaling $3,069,700 to Wiser
Imagery Services, LLC (the Company), a business critical to maintaining national security with
approximately 135 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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Our copy: TREAS-Wiser-Imagery-Services-Transaction-Summary.pdf
Original: home.treasury.gov