HCW Biologics secures $26.25M secured development line of credit at 7% fixed rate

HCW Biologics Inc.

Agreement with Prime Capital Ventures, LLC for secured development line of credit up to $26.25M.
Note bears 7% fixed interest per annum, due monthly; principal and accrued interest due April 20, 2028.
$5.25M interest reserve and a $1.25M non-refundable fee payable from initial advance.
Initial advance subject to permits and compliance; lender gets first priority lien on new Miramar facility.
Covenants restrict liens, indebtedness, investments, mergers, and charter/bylaw amendments adverse to lender.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HCW Biologics Inc. entered into Development Line of Credit Agreement with Prime Capital Ventures, LLC valued at $26.25 million (effective 2023-04-21).

Action: entry
Agreement: credit facility
Counterparty: Prime Capital Ventures, LLC
Value: $26.25 million
Effective: 2023-04-21

Exact text from the filing

On April 21, 2023, HCW Biologics Inc. (the “Company”) entered into a secured Development Line of Credit Agreement (the “Agreement”) with Prime Capital Ventures, LLC, as lender (the “Lender”), pursuant to which the Lender shall advance loans to the Company in an aggregate principal amount not to exceed $26.25 million (the “Maximum Amount”)

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Source: SEC EDGAR

accession 0000950170-23-015003

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