STATEMENT RE SAREPTA THERAPEUTICS, INC.Source: RNS
14 September 2022
BIOPHARMA CREDIT PLC
STATEMENT RE SAREPTA THERAPEUTICS, INC.
Pharmakon Advisors, the Investment Manager of BioPharma Credit PLC (the "Company") notes the announcement released on 12 September 2022 by Sarepta Therapeutics Inc. ("Sarepta") regarding the early termination and repayment of certain of its existing senior secured debt with proceeds from an issuance of US$1 billion in convertible bonds (the "Transaction").
The Company currently has a US$350.0 million investment in a senior secured loan to Sarepta which would be prepaid upon the closing of the Transaction. The senior secured loan was committed through two different tranches with each tranche subject to different prepayment economics. Assuming the prepayment occurs on 16 September 2022, the Company would be expected to receive approximately US$16 million in paydown, prepayment and make-whole fees.
BioPharma Credit plc
via Link Company Matters Limited
+44 (0)1392 477 500
David Rydell / Mark Court / Jamie Hooper / Henry Wilson
+44 (0)20 7466 5000
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 27 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.