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

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D-Wave Quantum Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-019172

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