D-Wave Quantum Inc. (QBTS): debt financing — D-Wave enters $50M loan with PSPIB; draws $15M initial advance; appoints board member

D-Wave Quantum Inc.

Entered into $50M loan with PSPIB Unitas Investments II; initial $15M drawn April 14, 2023.
Loan secured by substantially all assets; interest at 10% cash or 11% PIK; matures March 31, 2027.
Prepayment premium: 3% in year 1, 2% in year 2, 1% in year 3, none after third anniversary.
Board expanded to nine; Philip Smalley appointed Class II director and to Audit and Governance committees.
Future advances of $15M and $20M subject to conditions including additional PSPIB board nominee.

item 1.01 item 2.03 item 5.02 item 9.01

Executive movements

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Appointed

Philip Adam Smalley III

Class II director

QBTS · D-Wave Quantum Inc.

Effective: 2023-04-13
Filed: April 19, 2023, 7:59 PM ET

On April 13, 2023, the Board appointed Philip Adam Smalley III to serve as a Class II director, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

D-Wave Quantum Inc. incurred term loan of $50 million with PSPIB Unitas Investments II Inc. at 10% payable in cash, or 11% payable in kind (PIK) maturing March 31, 2027.

Instrument: term loan
Principal: $50 million
Counterparty: PSPIB Unitas Investments II Inc.
Rate: 10% payable in cash, or 11% payable in kind (PIK)
Maturity: March 31, 2027
Event: incurrence

Exact text from the filing

On April 13, 2023 (the “Loan Closing Date”), D-Wave Quantum Inc. (the "Company"), as borrower, and its subsidiaries (collectively, the "Loan Parties"), entered into a $50 million Loan and Security Agreement with PSPIB Unitas Investments II Inc. ("PSPIB"), as the lender and collateral agent (the "Term Loan").

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Philip Adam Smalley III was appointed as Class II director at D-Wave Quantum Inc..

Action: appointed
Role: Class II director

Exact text from the filing

On April 13, 2023, the Board appointed Philip Adam Smalley III to serve as a Class II director, effective immediately.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

D-Wave Quantum Inc. entered into Loan and Security Agreement with PSPIB Unitas Investments II Inc. valued at $50 million (effective 2023-04-13).

Action: entry
Agreement: credit facility
Counterparty: PSPIB Unitas Investments II Inc.
Value: $50 million
Effective: 2023-04-13

Exact text from the filing

On April 13, 2023 (the “Loan Closing Date”), D-Wave Quantum Inc. (the "Company"), as borrower, and its subsidiaries (collectively, the "Loan Parties"), entered into a $50 million Loan and Security Agreement with PSPIB Unitas Investments II Inc. ("PSPIB"), as the lender and collateral agent (the "Term Loan").

View on SEC.gov

222 debt financings filed in the last 30 days. Browse all debt financings →

D-Wave Quantum Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-019172

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