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QuotedData’s morning briefing 15 February 2022

In QuotedData’s morning briefing 15 February 2022:

  • BioPharma Credit is contributing $325m to the funding of a $650m loan to Collegium Pharamceutical. The company will use the money to support its acquisition of BioDelivery Sciences International – an existing borrower within the BioPharma Credit portfolio. Part of the loan will be funded from the repayment of the BioDelivery Services loan – $93m was outstanding. The company also had $15m worth of shares in BioDelivery Sciences which will now be cashed in. The new four-year loan will have US$100m in amortisation payments during the first year and the remaining US$550m balance will amortise in equal quarterly installments. The loan will bear interest at 3-month LIBOR plus 7.50% per annum subject to a 1.20% floor along with a one-time additional consideration of 2.00% of the loan amount payable at signing and 1.00% of the loan amount payable at funding.
  • There was an oddly large vote against the election of Steven Wilderspin to the board of GCP Infrastructure – 16.25% of shares voted were voted against. We cannot fathom why, but it may have been a mistake – these things happen. You can see a potted bio for him in our last note – page 33.

We also have news of a Honeycomb merger, Crystal Amber‘s plans for the future and a new investment by Empiric Student Property

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