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  "authorName": "SmileDirectClub",
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  "presentationDate": "2021-03-01 00:00:00",
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  "notes": "Includes details on capped call structure to mitigate dilution.",
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      "text": "Deal launched at a size of $350 million and was later upsized to $650 million due to strong institutional demand. In addition, the bookrunners exercised their full greenshoe option to purchase $97.5 million convertible notes, bringing the full offering size to $747.5 million. Notes were priced with a 0% coupon, and a 40% conversion premium. In conjunction, SDC entered into a capped call that will fully offset any potential equity dilution from conversion of the notes. This convertible debt financing strengthens our balance sheet, with minimal equity dilution, and fortifies us against a protracted COVID environment, while also enabling to us to comfortably execute our growth strategy over the coming years, while also investing in R&D, innovation, and other business development opportunities. After repaying our outstanding debt facility, we will have approximately $500 million of cash on the balance sheet.",
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      "text": "Convertible Debt Key Terms: Base Deal Size $650 million, Green Shoe $97.5 million, Coupon 0.00%, Conversion Premium 40% / $18.06. Capped Call Key Terms: Lower Strike 40% / $18.06, Upper Strike 100% / $25.80, Net Premium 9.3%, Effective Rate ~2.0%",
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      "text": "Convertible Debt Offering.",
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