SECURITIES AND EXCHANGE COMMISSION
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PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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|Item 2.03|| |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, on November 11, 2019, Akebia Therapeutics, Inc. (the “Company”) entered into a Loan Agreement (the “Loan Agreement”) with Keryx Biopharmaceuticals, Inc. as guarantor (“Keryx”), BioPharma Credit PLC as collateral agent and a lender (the “Collateral Agent”), and BioPharma Credit Investments V (Master) LP as a lender (“BioPharma Credit”), and a Guaranty and Security Agreement with Keryx and the Collateral Agent (the “Guaranty and Security Agreement”). The Collateral Agent subsequently transferred its interest in the term loans, solely in its capacity as a lender, to its affiliate, BPCR Limited Partnership (“BCPR”, and together with “BioPharma Credit”, the “Lenders”).
Pursuant to the Loan Agreement, the Lenders agreed to make certain term loans to the Company, subject to the terms and conditions set forth in the Loan Agreement, in an aggregate principal amount of $100.0 million, comprised of: (i) an $80.0 million senior secured term loan, which was funded on November 25, 2019, and (ii) subject to the satisfaction of certain customary conditions, and at the option of the Company, an additional senior secured term loan in an aggregate principal amount of up to $20.0 million (“Tranche B Loan”), available until December 31, 2020.
On December 10, 2020, consistent with the Company’s plans, the Company drew down the full $20 million available under the Tranche B Loan pursuant to the terms and conditions described under “Note 11 – Debt – Term Loans” in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, which description is incorporated by reference herein.
The foregoing disclosures do not purport to be complete and are qualified in their entirety by reference to the Loan Agreement and the Guaranty and Security Agreement, copies of which are filed as Exhibits 10.62 and 10.63, respectively, to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed on March 12, 2020 with the U.S. Securities and Exchange Commission.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|AKEBIA THERAPEUTICS, INC.|
|Date: December 15, 2020||By:|
|Name:||John P. Butler |
|Title:||President and Chief Executive Officer|