BioPharma reduces revolver commitments, extends maturity, trims pricing

By Marisa Wong

Los Angeles, Sept. 13 – BioPharma Credit plc amended its credit facility with JPMorgan Chase Bank, according to a news release.

BioPharma reduced the committed revolving credit facility to $50 million from $200 million and updated the accordion feature to allow for an increase in the revolver to $100 million and up to $200 of term loans.

The company also extended the maturity date to June 22, 2024.

The margin under the revolver was reduced to 275 basis points to 400 bps.

According to its articles of association, the company may incur indebtedness of up to a maximum of 50% 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% of the company’s net asset value, calculated at the time of drawdown, without prior board approval.

“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,” Pedro Gonzalez de Cosio, chief executive officer of Pharmakon, commented in the release.

BioPharma is a specialist life sciences debt investor based in the United Kingdom.

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