Owlet enters $17.5M credit facility with SVB; $8.5M term loan to refinance prior debt

Owlet, Inc.

$17.5M revolving line of credit, up to $10M available initially; matures April 22, 2024.
$8.5M term loan to repay existing growth capital loans; amortizes $500k/month; matures April 1, 2024.
Interest on revolving line: greater of 5.00% or prime rate; term loan: greater of 5.75% or prime rate.
Liquidity covenant: maintain >$15M through Dec 2022, then >$25M after Jan 2023; quarterly minimum net revenue tests.
Secured by substantially all assets; fees include $50k commitment fee, $450k final payment, prepayment penalties.

Key facts

Extracted from this filing and checked against the source text.

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

Owlet, Inc. amended Third Amended and Restated Loan and Security Agreement with Silicon Valley Bank valued at $17.5 million revolving line of credit (effective 2022-11-23).

Action: amendment
Agreement: credit facility
Counterparty: Silicon Valley Bank
Value: $17.5 million revolving line of credit
Effective: 2022-11-23

Exact text from the filing

On November 23, 2022 (the “Closing Date”), Owlet, Inc., a Delaware corporation (the “Company”) and Owlet Baby Care, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“OBCI” and together with the Company, “Borrower”), entered into the Third Amended and Restated Loan and Security Agreement (the “LSA”) with Silicon Valley Bank, a California corporation (“Bank”), as the lender.

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Owlet, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-22-031105

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