BridgeBio Pharma extends senior secured credit facility’s principal repayment by two years

By Rebecca Melvin

Concord, N.H., May 13 – BridgeBio Pharma Inc. amended its existing senior secured credit facility, extending the interest-only period by two years and principal repayment to Nov. 17, 2026, according to a company release.

The amendment was made in connection with the biopharmaceutical company’s definitive agreement to sell its PRV for $110 million.

The company received the rare pediatric disease priority review voucher in February 2021 under a U.S. Food and Drug Administration program intended to encourage the development of treatments for rare pediatric diseases. The sale is subject to customary closing conditions and is expected to occur following expiration of applicable U.S. antitrust clearance requirements.

The company received consent for the PRV sale from its lenders with all proceeds retained by BridgeBio. It retains access to up to $100 million in delayed debt draws through year end 2022, subject to some conditions.

The amendment was approved unanimously by the company’s syndicate lenders without adjusting pricing and without imposing financial covenants.

“We believe this deal, coupled with our amended loan agreement, offers us the opportunity to read out more data within the duration of our debt and advance meaningful medicines to patients in need in the years to come,” BridgeBio chief financial officer Brian Stephenson stated in the release.

BridgeBio is a Palo Alto, Calif.-based biotechnology company.

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