Akebia Therapeutics, Inc. (AKBA): debt financing — Akebia secures $55M Kreos term loan, draws $37M initial, issues warrants at $1.30, repays Pharmakon debt

Akebia Therapeutics, Inc.

Initial draw of $37M under senior secured term loan; up to $55M total with two additional tranches contingent on vadadustat FDA approval and equity proceeds.
Warrant issued for 3,076,923 shares at $1.30 per share, exercisable for 8 years; additional warrant for 1,153,846 shares on Tranche C draw.
Interest rate at SOFR (floor 4.25%) + 6.75% margin (capped at 15%); interest-only period until Dec 2025 (extendable to Dec 2026).
Maturity extends to Jan 29, 2028 if vadadustat FDA approval obtained by June 30, 2024; otherwise maturity remains March 31, 2025 with accelerated amortization.
Proceeds used to repay in full the prior Pharmakon term loan and associated fees; loan secured by first-priority lien on substantially all assets.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Akebia Therapeutics, Inc. incurred term loan of up to $55.0 million with Kreos Capital VII (UK) Limited at term SOFR (floor of 4.25%) plus 6.75% per annum (cap of 15.00%) maturing March 31, 2025, automatically extended to January 29, 2028 if Vadadustat FDA Approval obtained by June 30, 2024.

Instrument: term loan
Principal: up to $55.0 million
Counterparty: Kreos Capital VII (UK) Limited
Rate: term SOFR (floor of 4.25%) plus 6.75% per annum (cap of 15.00%)
Maturity: March 31, 2025, automatically extended to January 29, 2028 if Vadadustat FDA Approval obtained by June 30, 2024
Event: incurrence

Exact text from the filing

or “Lender Representative”), which are funds and accounts managed by BlackRock, and provides for a senior secured term loan facility in the aggregate principal amount of up to $55.0 million (the “Term Loan Facility”). An initial tranche of $37.0 million (the “Initial Loan”) was funded under the Term Loan Facility on the Closing Date. In addition to the Initial Loan,

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

Akebia Therapeutics, Inc. entered into Credit Agreement with Kreos Capital VII (UK) Limited, as Lender Representative valued at up to $55.0 million (effective 2024-01-29).

Action: entry
Agreement: credit facility
Counterparty: Kreos Capital VII (UK) Limited, as Lender Representative
Value: up to $55.0 million
Effective: 2024-01-29

Exact text from the filing

On January 29, 2024 (the “Closing Date”), Akebia Therapeutics, Inc. (“Company” and collectively with any Company affiliates that are made party to the Credit Agreement as a borrower, “Borrower”) entered into an Agreement for the Provision of a Loan Facility (the “Credit Agreement”) with Kreos Capital VII (UK) Limited (“Kreos” or “Lender Representative"), which are funds and accounts managed by BlackRock, and provides for a senior secured term loan facility in the aggregate principal amount of up to $55.0 million (the “Term Loan Facility”).

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283 debt financings filed in the last 30 days. Browse all debt financings →

Akebia Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001517022-24-000014

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