Axcella Health enters $26 million five-year replacement term loan

By Wendy Van Sickle

Columbus, Ohio, Sept. 7 – Axcella Health Inc. entered on Sept. 2 into an agreement for a $26 million term loan that replaces the company’s loan agreement dated Nov. 30, 2018, according to an 8-K filing with the Securities and Exchange Commission.

The new loan matures on Sept. 1, 2026 and bears interest at the greater of 30-day Libor or 0.1% plus in either case 860 basis points.

SLR Investment Corp. is the collateral agent.

Financial covenants include an unrestricted minimum cash level until certain study data conditions are met.

Based in Cambridge, Mass., Axcella is a clinical-stage biotechnology company.

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