aibioAkebia extends Kreos loan tranche, draws $10.0 million and issues 1,153,846-share warrant
Tickers AKBA
Akebia received net proceeds of $9.3 million on February 3, 2025. The warrant has an exercise price of $1.30 per share and runs eight years.
Key facts
- Company
- Akebia Therapeutics, Inc. (NASDAQ: AKBA)
- News type
- Debt Financing
- Primary source
- Akebia Therapeutics, Inc. 8-K (2025-02-07)
Akebia Therapeutics, Inc. (Nasdaq: AKBA) and Kreos Capital VII (UK) Limited signed a Second Amendment on February 3, 2025 to their loan facility agreement dated January 29, 2024. The facility provides a senior secured term loan of up to $55.0 million in three tranches. The first, $37.0 million, was funded on January 29, 2024. The second, $8.0 million, was funded on April 19, 2024. The final tranche, $10.0 million, had been available through December 31, 2024.
The amendment extended the expiry of that final tranche, called Tranche C, to February 3, 2025. Its terms are substantially similar to before, except that interest accrues as if the money had been advanced on December 31, 2024.
Akebia drew the Tranche C loan on February 3, 2025 and received net proceeds of $9.3 million that day, after debt issuance costs, interest, fees and expenses.
In connection with the draw, and under a warrant agreement dated January 29, 2024, Akebia issued a warrant to an affiliate of the lender representative to buy 1,153,846 shares of common stock at $1.30 per share. The warrant is exercisable for eight years from issuance. It was issued without registration under Section 4(a)(2) of the Securities Act of 1933 and/or Rule 506(b).