BioPharma Credit PLC New Investment (3305B)
September 20 2018 - 2:01AM
UK Regulatory
TIDMBPCR
RNS Number : 3305B
BioPharma Credit PLC
20 September 2018
BIOPHARMA CREDIT PLC
(THE "COMPANY")
NEW INVESTMENT
BioPharma Credit PLC (LSE: BPCR) is pleased to announce that, on
19 September 2018, it entered into a definitive loan agreement for
US$150 million with a commercial-stage $2bn+ market cap
biopharmaceutical company.
Under the terms of the transaction, the Company will invest
US$150 million in a senior secured loan that has a term of five
years, 2 per cent. additional consideration and bears interest at
LIBOR plus 7.5% subject to a floor of 1% and certain caps. The loan
is interest-only for the first four years, amortises over the
remaining term, and can be prepaid at any time, subject to
prepayment fees. The loan is expected to close and be funded within
6 business days. BPCR will provide additional details about the
borrower later today, after they publicly announce the
transaction.
The funding will be completed from the assets attributable to
the C Shares of the Company only. Following this investment, the C
Shares will be 100 per cent. invested and therefore eligible for
conversion into ordinary shares, as outlined in the Prospectus
published on 14 March 2018. Further details regarding conversion
will be announced in due course after funding has completed.
Link Company Matters Limited
Company Secretary
20 September 2018
Enquiries:
Buchanan
David Rydell / Mark Court/ Jamie Hooper/ Henry Wilson
+44 (0)20 7466 5000
Biopharmacredit@buchanan.uk.com
Notes to Editors:
BioPharma Credit PLC is London's only listed specialist investor
in debt from the life sciences industry and joined the LSE on 27
March 2017. The Company seeks to provide long-term shareholder
returns, principally in the form of sustainable income
distributions from exposure to the life sciences industry. The
Company seeks this objective primarily through investments in debt
assets secured by royalties or other cash flows derived from the
sales of approved life sciences products.
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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