---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-23-002355"
form_type: "8-K"
ticker: "BCRX"
cik: "0000882796"
company_name: "BIOCRYST PHARMACEUTICALS INC"
filed_at: "2023-04-18T23:59:59+00:00"
generated_at: "2026-06-17T01:06:20.797099+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# BioCryst secures $450M Pharmakon credit facility; draws $300M to refinance debt, extend maturity to 2028

## Summary
- $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.

## SEC filing metadata
- accession: 0001171843-23-002355
- form_type: 8-K
- ticker: BCRX
- cik: 0000882796
- company_name: BIOCRYST PHARMACEUTICALS INC
- filed_at: 2023-04-18T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/882796/000117184323002355/0001171843-23-002355-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/882796/000117184323002355/f8k_041823.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-002355
- JSON: https://secwatch.observer/filing/0001171843-23-002355.json
- Plain text: https://secwatch.observer/filing/0001171843-23-002355.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/882796/000117184323002355/0001171843-23-002355-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/882796/000117184323002355/0001171843-23-002355-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.