Clene secures debt facility to pay off existing senior loan

Clene (CLNN) signed a new debt facility with three entities, all of which are affiliated with Clene, that is targeted to close by December 20, 2024. The three lenders have provided the aggregate principal amount of $10 million for the secured, partially convertible Note with a maturity eighteen months after closing bearing a fixed interest rate of 12%. The first twelve months of the Note are interest-only. Sixty-five percent of the Note is convertible into shares of Clene’s common stock at a fixed conversion price of $5.67, a 130% premium to Clene’s closing stock price on the day of signing. Previously in May 2021, Clene entered into a Loan and Security Agreement with Avenue Venture Opportunities Fund, a fund of the Avenue Capital Group. Over the course of the Loan Agreement, Clene borrowed $20 million. Repayment under the Loan Agreement began in July 2024 with $7 million of principal outstanding as of December 2024 plus a final payment fee of $0.85 million, for a total payoff of approximately $7.9 million, including a prepayment penalty.