BVXV - BiondVax European Investment Bank agree on new terms to co's outstanding Euro24M loan

• BiondVax Pharmaceuticals ( NASDAQ: BVXV ) on Wednesday said the European Investment Bank (EIB) had formally approved new terms to the outstanding €24M loan to the Israeli biopharmaceutical company.
• The new terms include:
• An extension of the maturity dates from 2023 and 2024 to Dec. 2027.
• Interest on the loan beginning to accrue only from Jan. 1, 2022 at an annual rate of 7%, though it has been outstanding since 2018.
• Variable renumeration to the EIB in the form of royalties from BVXV until the bank gets the higher of a total of 2.8x the original €24M principal and 20% internal rate of return on the principal calculated from Jan. 1.
• A prepayment indemnity clause and a principal repayment clause.
• Jerusalem-based BiondVax develops antibody therapies targeting diseases such as COVID-19, asthma and psoriasis.
• U.S.-listed shares of BVXV +0.8% to $1.26 in morning trading.

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