BioPharma credit to benefit from wallet Sarepta Therapeutics – BioPharma Credit (BPCR) Loan Repayment Holding (BPCR) released its half-year report for the six months to June 30, 2022. During the reporting period, the trust’s combined cash balance decreased by $112 million. . On June 30, 2022, its ordinary actions closed at $0.9400, below the December 31, 2021 closing price of $0.9680. The NAV per common share increased over the same period from $0.9926 to $1.0072. The BPCR issued two dividend payments over the period as expected, together totaling $0.035 per share and remains confident of delivering its target annual distribution of $0.07.
In March 2022, the company, through its subsidiary, BPCR Limited Partnerships, drew $138 million from its existing credit facility, with the remaining $162 million available under the accordion feature.
Meanwhile, Pharmakon Advisors, the manager of BPCR, notes the announcement issued on September 12, 2022 by Sarepta Therapeutics regarding the early termination and repayment of certain of its existing senior secured debt with the proceeds of an issuance of 1 billion in convertible bonds obligations.
BPCR currently holds a $350 million investment in a senior secured loan to Sarepta which would be prepaid upon closing of the transaction. The senior secured loan was committed in two different tranches, each slice subject to different economic prepayment conditions. Assuming the prepayment occurs on September 16, 2022, BPCR is expected to receive approximately $16 million in reimbursement, prepayment and repair costs.
BPCR: BioPharma Credit will benefit from the repayment of the Sarepta Therapeutics loan in the holding portfolio
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