BioPharma Credit (BPCR); investment update

Published on 02-07-2018 07:42:50
Author Sparks Team

BPCR announced that the company, together with other investors, has funded the $200m second tranche of the aggregate $500m loan to TESARO, Inc. announced on 21 November 2017.

BPCR funded $100m, with $87.3m from cash attributable to the Ordinary Shares and $10.7m from cash attributable to the C – Shares The remaining $48m was assigned to other investors. These resulted in a total investment in the Tesaro loan of $322m across both tranches. The second tranche will have an interest rate of LIBOR plus 7.5%, subject to an undisclosed floor and cap. BPCR closed and funded the second tranche on 29 June 2018.

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