Humacyte announces credit facility up to $77.5M

Humacyte (HUMA) entered into a credit facility with Avenue Venture Opportunities Fund II, L.P., a fund of Avenue Capital Group, providing up to $77.5M in principal amount of new financing. The credit agreement, which has a term of four years, includes an initial tranche of $40M fully funded at close, and an additional two tranches of up to an aggregate of $37.5M available to Humacyte, subject to the satisfaction of certain revenue, regulatory approvals, liquidity conditions and, in the case of the third tranche, lender approvals. Proceeds from the initial $40M tranche have been used primarily to retire Humacyte’s existing debt facility.