BioPharma Credit PLC Update on Investment (1426T)
July 02 2018 - 1:00AM
UK Regulatory
TIDMBPCR
RNS Number : 1426T
BioPharma Credit PLC
02 July 2018
2 July 2018
biopharma credit plc
update on investment
BioPharma Credit PLC (LSE: BPCR), the specialist life sciences
debt investor, is pleased to announce that it has funded, together
with other investors, the US$200m second tranche of the aggregate
US$500m loan to TESARO, Inc. announced on 21 November 2017. BPCR
funded US$100m and assigned its remaining US$48m second tranche
commitment to other investors, resulting in a total investment in
the Tesaro loan of $322m across both tranches.
The second tranche of the Tesaro loan will bear interest at
LIBOR plus 7.5%, subject to an undisclosed floor and cap. The
tranche is interest-only for the first two years, amortises over
the remaining term to December 2024, and can be prepaid at TESARO's
discretion at any time, subject to prepayment fees. BPCR closed and
funded the second tranche on 29 June 2018 with $87.3m from cash
attributable to the Ordinary Shares and $10.7m from cash
attributable to the C - Shares.
Enquiries
BioPharma Credit plc
via Link Company Matters Limited
Company Secretary
+44 (0)1392 477 509
Buchanan
+44 (0)20 7466 5000 / biopharmacredit@buchanan.uk.com
David Rydell
Mark Court
Jamie Hooper
Henry Wilson
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 27th
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 to achieve this objective primarily through
investments in debt assets secured by royalties or other cash flows
derived from the sales of approved life sciences products.
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contact rns@lseg.com or visit www.rns.com.
END
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