Coronado places $10 million note; Partnership Assurance to sell £100 million 9½% bond

By Lisa Kerner

Charlotte, N.C., March 3 – Coronado Biosciences, Inc. privately placed a $10 million 8% promissory note.

The note matures in 36 months, provided that during the first 24 months, Coronado can extend the maturity date by six months, for a 42-month maturity.

Interest is payable quarterly during the first 24 months, or first 30 months if note is extended, and then monthly.

Proceeds will be used to acquire medical technologies and products. Coronado will also use the proceeds to create subsidiaries to advance technologies and products.

National Securities Corp. acted as the placement agent.

Based in Burlington, Mass., Coronado is a biopharmaceutical company developing novel immunotherapy biologic agents.

Partnership Assurance Group plc agreed to issue a £100 million 9½% bond to funds managed by Cinven Capital Management, its majority shareholder.

The placement provides the company with further financial flexibility to pursue growth in the U.K. retail, defined benefit and U.S. care markets.

The bond has a 10-year bullet structure with possible redemption at the partnership’s option on the fifth anniversary or on any interest payment date thereafter.

The transaction is expected to be completed during March, and the partnership intends to list the bonds by May 31.

Partnership Assurance is a London-based provider of non-standard annuities for individuals with medical or lifestyle conditions.

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