TCDA - Tricida enters $125M debt facility

• Tricida ( NASDAQ: TCDA ) gets into a debt facility of $125M with Hercules Capital, provider of customized debt financing for companies in the life sciences and technology-related markets.
• Of the $125M, $100M will be available for drawdown at Tricida’s option subject to the achievement of certain milestones.
• Under the terms of the debt facility, $25M will be available for drawdown until December 31, 2022, subject to the announcement of positive data from the VALOR-CKD trial.
• An additional $25M will be available for drawdown until the earlier of ten business days following the filing of the NDA for veverimer and September 15, 2023.
• An additional $50M will be available for drawdown until the earlier of ten business days following the FDA approval of veverimer and February 15, 2024.
• The loans bear interest at a floating per annum interest rate equal to the greater of either 8.75% or the lesser of 8.75% plus the prime rate as reported in The Wall Street Journal minus 6.25% and 10.25%.

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