BioPharma Credit PLC CREDIT FACILITY UPDATE (4841L)
13 September 2021 - 4:29PM
UK Regulatory
TIDMBPCR
RNS Number : 4841L
BioPharma Credit PLC
13 September 2021
13 SEptember 2021
BIOPHARMA CREDIT PLC
(THE "COMPANY")
CREDIT FACILITY UPDATE
BioPharma Credit PLC (LSE: BPCR), the specialist life sciences
debt investor, is pleased to announce that it has entered into an
amendment to the credit facility (the "Credit Facility") with
JPMorgan Chase Bank.
Key terms to the amendment include:
-- Reduction in the committed Revolving Credit Facility ("RCF")
from US$200 million to US$50 million together with changes in the
accordion feature allowing for an increase in the RCF to US$100
million and up to US$200 million in term loans.
-- Extension of the maturity date to 22 June 2024
-- A reduction in the margin payable under the RCF from 4.00% to 2.75%
According to its Articles of Association, the Company may incur
indebtedness of up to a maximum of 50 per cent. of its net asset
value, calculated at the time of drawdown, for investment and for
working capital purposes. Pharmakon Advisors, LP, the Company's
Investment Manager, has agreed not to incur aggregate borrowings
greater than 25 per cent. of the Company's net asset value,
calculated at the time of drawdown, without prior Board
approval.
Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP, said
"The amendment to the Credit Facility will allow the Company to
significantly reduce its financing expense while retaining the
flexibility to access additional capital if and when necessary. We
wish to thank JPMorgan for their continued partnership."
Enquiries
BioPharma Credit plc
via Link Company Matters Limited
Company Secretary
+44 (0)1392 477 509
J.P. Morgan Cazenove
+44 (0)20 7742 4000
William Simmonds
Harry Randall
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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END
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