BioPharma Credit makes new loan to TESARO – BioPharma Credit has funded, together with other investors, the US$200m second tranche of the aggregate US$500m loan to TESARO, Inc. that was announced on 21 November 2017. BioPharma Credit funded US$100m and assigned its remaining US$48m second tranche commitment to other investors, resulting in a total investment in the TESARO loan for the fund of $322m across both tranches.
The second tranche of the TESARO loan will bear interest at Libor plus 7.5%, subject to an undisclosed floor and cap. The tranche is interest-only for the first two years, amortises over the remaining term to December 2024, and can be prepaid at TESARO’s discretion at any time, subject to prepayment fees. BioPharma Credit closed and funded the second tranche on 29 June 2018 with $87.3m from cash attributable to the ordinary share portfolio and $10.7m from cash attributable to the C – Share portfolio.
BPCR : BioPharma Credit makes new loan to TESARO