Akebia extends loan maturity to March 2025, removes SOFR cap

Akebia Therapeutics, Inc.

Extended maturity of $35M Term Loans from Nov 2024 to March 31, 2025.
Principal payments deferred until Oct 31, 2024, then monthly installments.
Removed 3.35% SOFR cap; interest now SOFR+0.3%+7.5% (~13.15% at amendment).
Prior capped rate was ~11.15%; removal increases borrowing cost.

Key facts

Extracted from this filing and checked against the source text.

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

Akebia Therapeutics, Inc. amended Fourth Amendment to Loan Agreement with BioPharma Credit PLC, BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP valued at $35.0 million (effective 2023-10-31).

Action: amendment
Agreement: credit facility
Counterparty: BioPharma Credit PLC, BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP
Value: $35.0 million
Effective: 2023-10-31

Exact text from the filing

On October 31, 2023 (the “Fourth Amendment Effective Date”), Akebia Therapeutics, Inc. (the “Company”), BioPharma Credit PLC (the “Collateral Agent”), BPCR Limited Partnership (as a “Lender”) and BioPharma Credit Investments V (Master) LP (as a “Lender”) entered into the Fourth Amendment to Loan Agreement (the “Fourth Amendment”), which amends certain provisions of the Loan Agreement

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Akebia Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001517022-23-000040

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