Latham & Watkins acted for the lender in connection with SDC US SmilePay SPV (SPV), a wholly owned special purpose subsidiary of SmileDirectClub, Inc. (the “Company”) new delayed draw secured term loan facility of $255,000,000. Proceeds from the new facility will be used to provide liquidity to the balance sheet, strengthening the company’s liquidity and providing greater flexibility to fuel its ongoing operations and future growth plans. The facility is a hybrid between a corporate facility and a structured debt facility and is secured by certain of the assets of the SPV, which consist of debt, cash, intellectual property and related assets.
The Latham team that represented the lender in the financing was led by New York partners Stelios Saffos, Peter Sluka and Graeme Smyth with attorneys Marcela Ruenes and Christopher Michail, and partners Tony Zhou and Nina Grandin. Advice was also provided on tax matters by New York partner Jocelyn Noll; on intellectual property issues by New York lawyer Carrie Girgenti; on health and life sciences issues by Washington, DC partner John Manthei with attorney Betty Pang and partner Chad Jennings; and on data privacy issues by Washington, DC partner Marissa Boynton with associate Jimmy Smith.