Last checked at 
2 Jul 2018 07:00
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.