secwatch.observer — SEC 8-K summary
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Issuer:     Akebia Therapeutics, Inc. (AKBA)
CIK:        0001517022
Form:       8-K
Filed at:   2024-01-30T23:59:59+00:00
Accession:  0001517022-24-000014
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 1.02, 2.03, 3.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1517022/000151702224000014/0001517022-24-000014-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1517022/000151702224000014/akba-20240129.htm
  HTML page:      https://secwatch.observer/filing/0001517022-24-000014

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