Owlet refinances SVB debt, enters new $15M ABL revolver and $15M WTI loan facility

Owlet, Inc.

Enters $15M asset-based revolving credit facility (increases to $20M after 1 yr); SOFR +7.5%-8.5%, matures Sept 2027.
Enters $15M WTI term loan facility: $10M first tranche, $5M second tranche conditional on revenue/burn metrics; Prime+3.5% (floor 12%) plus 2.5% PIK.
Issues 750,000 shares of common stock to WTI as partial consideration; put option at $8.40/share after 5 years.
Uses existing cash to repay and extinguish all outstanding SVB line of credit and term loan borrowings.
Initiates $7.5M draw under WTI facility, subject to funding conditions.

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