Teledentistry company SmileDirectClub completed a $255 million secured debt facility for its SmilePay subsidiary.
SmilePay is a payment model for the company's clear aligner system that allows patients to make monthly payments after a $250 deposit.
SmileDirectClub entered into a loan agreement with HPS Investment Partners with a 42-month secured delayed-draw term loan facility. It is secured with interest in SmilePay's assets, which the company said April 28 consist of certain receivables, cash, intellectual property and related assets.