07:32 AM EDT, 06/03/2025 (MT Newswires) -- Vera Therapeutics ( VERA ) said Tuesday that it signed a new credit facility with Oxford Finance worth up to $500 million, replacing its previous $50 million agreement.

The company said the initial $75 million funding is expected on Wednesday, and that the new loan will significantly reduce its borrowing costs, resulting in a 320-basis-point lower interest rate.

The five-year facility carries a variable rate of 1-month SOFR plus 4.95%, with a SOFR floor of 3.75%, the company said.

It added that the structure provides Vera with up to $450 million in additional capital over five tranches.

Vera said the financing also offers financial flexibility with an extended interest-only period of up to 42 months, no principal payments required in 2026, and reduced prepayment and final payment fees.

Shares of the company were up 2.2% in Tuesday's premarket activity.