secwatch.observer — SEC 8-K summary
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Issuer:     Owlet, Inc. (OWLT)
CIK:        0001816708
Form:       8-K
Filed at:   2022-11-30T23:59:59+00:00
Accession:  0001628280-22-031105
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1816708/000162828022031105/0001628280-22-031105-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1816708/000162828022031105/owlt-20221130.htm
  HTML page:      https://secwatch.observer/filing/0001628280-22-031105

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