BioPharma Credit PLC UPDATE ON INVESTMENT
15 Marzo 2024 - 10:35AM
RNS Regulatory News
RNS Number : 1151H
BioPharma Credit PLC
15 March 2024
BioPharma Credit PLC
15 March 2024
BIOPHARMA
CREDIT PLC
(THE
"COMPANY")
UPDATE ON
INVESTMENT
The Company notes the filing of a
Form 10-K and Form 8-K made on 14 March 2024 by UroGen Pharma Ltd.
("URGN"), which discloses the amendment and restatement of its loan
agreement entered into with the Company, BioPharma Credit
Investments V (Master) LP ("BioPharma-V"), and BPCR Limited
Partnership (the "A&R Loan Agreement").
The A&R Loan Agreement includes
an additional third and fourth tranche of senior secured loans.
Under the A&R Loan Agreement the third and fourth tranches were
allocated in full to BioPharma-V.
The sole allocation of the third and
fourth tranches to BioPharma-V under the A&R Loan Agreement
took into consideration the Company's current Discount Control
Mechanism (the "DCM"), as updated by the Company on 7 November
2022. Under the DCM, if in any 6-month rolling period the Company's
shares on average traded at a discount in excess of 10 per cent. to
the NAV per share, the Company is required
to apply 100 per cent. of the principal being returned to
repurchase shares until such time that the discount to NAV over a
two-week period is less than 5 per cent.
Background and Further Detail on the
Additional Tranches
The Company announced on 8 March
2022 a US$100 million senior secured loan to URGN, with each of the
Company and BioPharma-V investing up to US$50 million. The Company
had previously funded to URGN US$37.5 million (of a US$75 million
first tranche) at closing and US$12.5 million (of a US$25 million
second tranche) on 16 December 2022.
The third tranche of US$25 million
is mandatory and is required to be drawn by URGN by 30 September
2024, subject to satisfaction of customary conditions. The fourth
tranche of US$75 million may be drawn at URGN's option no later
than 29 August 2025, subject to (i) having successfully drawn the
immediately preceding US$25 million tranche, (ii) receiving US FDA
approval of an NDA for UGN-102 no later than 30 June 2025, and
(iii) satisfaction of customary conditions. In addition, the
interest rate was reduced from 3-month SOFR plus 8.25 per cent. per
annum to 3-month SOFR plus 7.25 per cent. per annum, and the SOFR
floor was increased from 1.25 per cent. to 2.5 per cent. A one-time
additional consideration of 1.75 per cent. of the third and fourth
tranche will be payable upon funding of each respective
tranche.
Enquiries:
BioPharma Credit plc
via Link Company Matters
Limited
Company Secretary
+44 (0)1392 477 509
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END
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