D-Wave Quantum signs for $50 million loan agreement with PSPIB

Chicago, April 19 – D-Wave Quantum Inc. entered into a $50 million loan and security agreement with an affiliate of the Public Sector Pension Investment Board, PSPIB Unitas Investments II Inc. as the lender and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The loan closed on April 13.

The Public Sector Pension Investment Board is a large shareholder of the borrower.

An initial advance was provided for $15 million on April 14. Subsequent advances of $15 million and $20 million will be provided subject to certain terms and conditions.

The maturity date will be March 31, 2027.

The term loan is secured by a first-priority security interest in substantially all of the loan parties' assets.

Each advance is subject to a 2% drawdown fee.

Interest is due in monthly and is either 10% cash or 11% payable in kind.

Early prepayments will be at 103 before the first anniversary, 102 before the second anniversary and 101 between the second and third year.

The company was required to increase the size of its board of directors and add an affiliate of PSPIB.

Burnaby, B.C.-based D-Wave is a Canadian quantum computing company.

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