BioPharma Credit PLC CREDIT FACILITY UPDATE (4841L)

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RNS Number : 4841L

BioPharma Credit PLC

13 September 2021

13 SEptember 2021

BIOPHARMA CREDIT PLC

(THE "COMPANY")

CREDIT FACILITY UPDATE

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to announce that it has entered into an amendment to the credit facility (the "Credit Facility") with JPMorgan Chase Bank.

Key terms to the amendment include:

-- Reduction in the committed Revolving Credit Facility ("RCF") from US$200 million to US$50 million together with changes in the accordion feature allowing for an increase in the RCF to US$100 million and up to US$200 million in term loans.

   --      Extension of the maturity date to 22 June 2024 
   --      A reduction in the margin payable under the RCF from 4.00% to 2.75% 

According to its Articles of Association, the Company may incur indebtedness of up to a maximum of 50 per cent. 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 per cent. of the Company's net asset value, calculated at the time of drawdown, without prior Board approval.

Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP, said "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. We wish to thank JPMorgan for their continued partnership."

Enquiries

BioPharma Credit plc

via Link Company Matters Limited

Company Secretary

[phone]

J.P. Morgan Cazenove

[phone]

William Simmonds

Harry Randall

Buchanan

[phone] / [e-mail]

David Rydell

Mark Court

Jamie Hooper

Henry Wilson

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.

LEI: 213800AV55PYXAS7SY24

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September 13, 2021 02:29 ET (06:29 GMT)