SmileDirectClub Investor Presentation Deck
Summary of debt facility.
SDC U.S. SmilePay SPV ("SPV") is a wholly-
owned special purpose subsidiary of the
Company
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The Company entered into a Loan Agreement
(the "Loan Agreement") by and among SPV, as
borrower, SmileDirectClub, LLC as the seller and
servicer, the lenders from time to time party
thereto, and HPS Investment Partners, LLC, as
administrative agent and collateral agent
Subject to certain exceptions, the Loan
Agreement is secured by first-priority security
interests in SPV's assets, which consist of certain
receivables, cash, intellectual property and
related assets. SPV's obligations under the
Loan Agreement are guaranteed on a limited
basis by SmileDirectClub, LLC and SDC
Financial LLC (collectively, the "Guarantors").
This facility enables us to access additional
liquidity on favorable terms by leveraging our
receivables and providing us with greater
flexibility to fuel ongoing operations and
execute on growth initiatives.
smile
DIRECT CLUB
Secured Debt Facility
Amount
Security Interest
Maturity
Delayed Draw Availability
Interest
Undrawn Commitment Fee
$255 million
Certain Receivables, Cash & IP
42 months
18 months
L+700bps Cash & 375bps PIK
275bps
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