BIOCRYST PHARMACEUTICALS INC (BCRX): debt financing — BioCryst secures $450M Pharmakon credit facility; draws $300M to refinance debt, extend maturity to 2028

BIOCRYST PHARMACEUTICALS INC

$300M drawn at closing; remaining $150M available on option through Sept 2024.
Net proceeds ~$26M after repaying $241.8M existing Athyrium facility and fees.
Interest: 3-month SOFR + 7.00% (1.75% floor); option to pay up to 50% interest in-kind for first six quarters (margin +0.25%).
No financial covenants, no scheduled amortization; all principal due April 2028.
Extends repayment bullet from 2025 to 2028; CFO says reduces dependence on capital markets.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

BIOCRYST PHARMACEUTICALS INC incurred credit facility of $450 million Loan Agreement with BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership at three-month SOFR rate, which shall be no less than 1.75% (“SOFR”), plus 7.00%, p maturing April 17, 2028.

Instrument: credit facility
Principal: $450 million Loan Agreement
Counterparty: BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership
Rate: three-month SOFR rate, which shall be no less than 1.75% (“SOFR”), plus 7.00%, p
Maturity: April 17, 2028
Event: incurrence

Exact text from the filing

On April 17, 2023, BioCryst Pharmaceuticals, Inc. (the “Company”) entered into a $450 million Loan Agreement by and among the Company, as borrower; the guarantors from time to time party thereto; BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership as the lenders thereunder; and BioPharma Credit PLC, as collateral agent for the lenders (the “Credit Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BIOCRYST PHARMACEUTICALS INC entered into Credit Agreement with BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership as the lenders; BioPharma Credit PLC, as collateral agent valued at $450 million (effective 2023-04-17).

Action: entry
Agreement: credit facility
Counterparty: BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership as the lenders; BioPharma Credit PLC, as collateral agent
Value: $450 million
Effective: 2023-04-17

Exact text from the filing

On April 17, 2023, BioCryst Pharmaceuticals, Inc. (the “Company”) entered into a $450 million Loan Agreement by and among the Company, as borrower; the guarantors from time to time party thereto; BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership as the lenders thereunder; and BioPharma Credit PLC, as collateral agent for the lenders (the “Credit Agreement”).

View on SEC.gov

101 debt financings filed in the last 30 days. Browse all debt financings →

BIOCRYST PHARMACEUTICALS INC filing history →

Source: SEC EDGAR

accession 0001171843-23-002355

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