Statement Re AkebiaSource: RNS
BioPharma Credit PLC
20 July 2022
BIOPHARMA CREDIT PLC
STATEMENT RE AKEBIA
BioPharma Credit PLC (the "Company") announces that it, together with BioPharma Credit Investments V (Master), entered into a Second Amendment and Waiver with Akebia Therapeutics, Inc. ("Akebia") which amends and waives certain provisions of the Loan Agreement, dated 11 November 2019. As a result of this amendment Akebia made a US$25 million pre-payment, reducing the outstanding balance to US$75 million. The prepayment triggered a 2.0 per cent. prepayment fee on the US$25 million. Akebia will make amortization payments on the remaining balance as originally agreed, starting in September 2022. As a result, the loan balance is expected to be approximately US$59 million by January 2023 and US$27 million by January 2024. The Company's share of the prepayment will be US$12.5 million, and its share of the remaining balance will be $37.5 million.
The amendment provided Akebia certain waivers including 1) Allowing Akebia to make certain payments under its Second Amended and Restated Vifor License Agreement with Vifor (International) Ltd., 2) waive the requirement that the Company's Quarterly Reports on Form 10-Q for the fiscal quarters ending 30 June 2022 and 30 September 2022 not be subject to any qualification as to going concern, and (3) waive certain payments payable under the Loan Agreement, other than prepayment fees.
BioPharma Credit plc
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Notes to Editors:
BioPharma Credit PLC is London's only listed specialist investor in debt from the life sciences industry and joined the LSE on 27 March 2017. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. The Company seeks to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.
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