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BioPharma Credit leads new $315m loan to Sebela
BioPharma Credit (BPCR), the LSE-listed specialist life sciences debt investor, is to act as lead investor and collateral agent for a US$315m term loan to Sebela Pharmaceuticals, a US privately-held commercial-stage speciality pharmaceutical company focused on gastrointestinal, dermatology and women’s healthcare. BioPharma Credit will provide $194m of the loan principal with co-investors making up the remaining $121m.
The loan will have a five year final maturity and a high-single-digit percentage floating coupon (interest rate). The loan was announced in April but the borrower was not at the time disclosed, pending the announcement of Sebela’s acquisition of Braintree Laboratories, a US specialty pharma company focussed on gastroenterology, on 1st May. The enlarged company will have pro forma sales in excess of US$250m/year. Sebela will have a leverage of less than 4x EBITDA, as a result of the deal.
The move follows the completion of a $167m “C” share issue. BioPharma Credit’s loan portfolio currently consists of:
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