In QuotedData’s morning briefing 1 December 2023:
- Bluefield Solar (BSIF) has announced a number of changes to the roles and responsibilities of some of its directors. First, Chris Waldron has now been appointed as a non-executive director of BSIF with effect from 1 December 2023. He has also been appointed to each of BSIF’s established committees, being the audit and risk committee, the nomination committee, the remuneration committee, the environmental social and governance committee and the management engagement and service providers committee. With effect from 1 January 2024, Mr Waldron will also take over the role of chair of the management engagement and service providers committee from Ms Elizabeth (Libby) Burne.
- Further to the company’s announcement on 17 November 2023, the board of US Solar Fund (USF) has confirmed that Amber Infrastructure Investment Advisor, LLC, a member of the Amber Infrastructure Group, has been appointed as the company’s investment manager from 1 December 2023. Click here to see our coverage of Amber’s proposed appointment from 21 August 2023.
- BioPharma Credit (BPCR) has issued a statement in relation to its investment in a senior secured loan note to ImmunoGen Inc., following the announcement released on 30 November by AbbVie Inc saying that Abbvie has agreed to acquire ImmunoGen for a total equity value of around US$10.1bn in a transaction that is expected to close in the middle of 2024. BPCR says that the loan note is for up to US$62.5m in two tranches and as of today, BPCR has funded the first tranche representing a US$37.5m investment. However, the loan note is expected to be prepaid upon the closing of the purchase of ImmunoGen by AbbVie. BPCR also expects to receive a make-whole payment for the remainder of the three-year make-whole period along with a prepayment premium of 3%, in each case with respect to the principal repaid. For illustrative purposes, it says that if the transaction were to close on 30 June 2024, it would be expected to receive approximately US$14.5m in prepayment and make-whole fees.