Saniona: Renegotiated and reduced loan - Redeye

Redeye is mostly positive to today’s news that Saniona has renegotiated its loan from Formue Nord. Part of the loan, amounting to SEK13m, has been repaid, primarily through the issuance of new shares priced at SEK8.5. This move takes advantage of the stock's recent rally, although it might lead to some selling pressure in the near term. While SEK61m of the loan is still outstanding, the repayment deadline has been pushed to 31st of January 2025, granting an additional year. Although the loan is not cheap and a commitment fee of SEK4.8m (payable in shares) is tied to the amended agreement, this arrangement alleviates some of the short-to-medium-term capital need. The company's cash runway is likely extended somewhat, also depending on other potential 2023 income streams. We will discuss this more in-depth in relation to the Q2 report in late August.

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