BioPharma Credit PLC STATEMENT REGARDING SAREPTA THERAPEUTICS (2023A)
September 28 2020 - 1:00AM
UK Regulatory
TIDMBPCR
RNS Number : 2023A
BioPharma Credit PLC
28 September 2020
28 SEPTEMBER 2020
BioPharma Credit plc
(the "Company")
STATEMENT REGARDING SAREPTA THERAPEUTICS
BioPharma Credit PLC (the "Company"), is pleased to announce
that, together with Sarepta Therapeutics, Inc ("Sarepta"), and
BioPharma Credit Investments V (Master) LP ("BioPharma-V") it has
entered into a first amendment to the loan agreement dated 13
December 2019.
Under the original terms of the loan agreement, the Company
agreed to invest up to US$350 million (US$175 million in the first
tranche ("Tranche A") and up to an additional US$175 million by 31
December 2020 ("Tranche B")) and BioPharma-V agreed to invest up to
US$150 million in parallel with the Company acting as collateral
agent. The loan had an original maturity date of December 2023 and
paid interest at 8.50 per cent. per annum along with a one-time
additional consideration of 1.75 per cent. of the total loan amount
payable upon funding and an additional 2.00 per cent. payable upon
the repayment of the loan.
The amendment increases the aggregate principal amount of
Tranche B from US$250 million to US$300 million. The Company's
investment in Tranche B will remain unchanged at US$175 million
while BioPharma-V will increase its investment by US$50 million.
The Company's US$350 million aggregate investment in Sarepta will
represent 25% of the Company's portfolio. Sarepta has agreed to
draw Tranche B in full, on or prior to 2 November 2020, as long as
the conditions to funding the Tranche B are satisfied or waived. In
addition, the Amendment extends the maturity date for the Tranche B
Loan to 31 December 2024 and increases the funding fee payable to
each Lender providing a portion of the Tranche B Loan on the date
the Tranche B Loan is funded by 1.20 per cent. to 2.95 per
cent.
Enquiries
BioPharma Credit plc
via Link Company Matters Limited
Company Secretary
+44 (0)1392 477 500
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 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 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.
LEI: 213800AV55PYXAS7SY24
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