Savara enters $26.5M term loan facility with Silicon Valley Bank; refinances prior debt

Savara Inc

Amended and restated loan agreement provides $26.5M term loan, refinancing all outstanding obligations under prior facility.
Interest-only period through April 2026; if cash >1.75x outstanding, extends to maturity in April 2027.
Floating interest rate: greater of 3% or prime minus 0.5%; final payment of 2.75% of principal.
Secured by substantially all assets except intellectual property; prepayment fee 4.25% in first year, 1% in second, none thereafter.
Cash covenant: if balance falls below $40M, must maintain 6 months operating expenses and 1.2x loan principal (1.75x in final year if extended).

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