2023-04-18 09:56:29 ET
- BioCryst Pharmaceuticals ( NASDAQ: BCRX ) has refinanced its existing debt with $450M financing commitment from funds managed by Pharmakon Advisors.
- The new five-year credit facility bears interest at the 3-month SOFR + 7.00% (subject to a 1.75% floor). The facility contains no scheduled amortization payments, with all outstanding principal due at the maturity date in 2028.
- The firm has elected to draw $300M of the $450M capital available on the closing date. The remaining $150M of committed capital can be drawn at the company’s option until September 2024.
- Net proceeds to the company will be around $26M at closing following the repayment of its existing credit facility with Athyrium Capital Management, and fees and expenses associated with the transaction.
For further details see:
BioCryst secures five-year credit facility