---
schema_version: "secwatch.filing_event.v1"
accession: "0001517022-24-000014"
form_type: "8-K"
ticker: "AKBA"
cik: "0001517022"
company_name: "Akebia Therapeutics, Inc."
filed_at: "2024-01-30T23:59:59+00:00"
generated_at: "2026-06-06T14:55:31.018816+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Akebia secures $55M Kreos term loan, draws $37M initial, issues warrants at $1.30, repays Pharmakon debt

## Summary
- 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.

## SEC filing metadata
- accession: 0001517022-24-000014
- form_type: 8-K
- ticker: AKBA
- cik: 0001517022
- company_name: Akebia Therapeutics, Inc.
- filed_at: 2024-01-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1517022/000151702224000014/0001517022-24-000014-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1517022/000151702224000014/akba-20240129.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001517022-24-000014
- JSON: https://secwatch.observer/filing/0001517022-24-000014.json
- Plain text: https://secwatch.observer/filing/0001517022-24-000014.txt

## Key facts
- Debt Financings
  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
  source text: 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,
  evidence_url: https://www.sec.gov/Archives/edgar/data/1517022/000151702224000014/0001517022-24-000014-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1517022/000151702224000014/0001517022-24-000014-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.