STATEMENT RE COHERUS BIOSCIENCES, INC.
06/02/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240206:nRSF0922Ca&default-theme=true
RNS Number : 0922C BioPharma Credit PLC 06 February 2024
BioPharma Credit PLC
6 February 2024
BIOPHARMA CREDIT PLC
(THE "COMPANY")
STATEMENT RE COHERUS BIOSCIENCES, Inc.
Pharmakon Advisors, LP, the investment manager of the Company, notes the
filing of a Form 8-K made on 5 February 2024 by Coherus Biosciences, Inc.
("Coherus"). Subject to the closing under the Purchase Agreement (as
referenced below), Coherus plans to make a partial prepayment of $175,000,000
of the outstanding principal balance of $250,000,000 under the Existing Loan
Agreement. The Company's portion of such partial principal prepayment would be
$87,500,000. Coherus anticipates making such partial prepayment in Q2 2024.
The Form 8-K is copied below in part for convenience and can be found in its
entirety at: Coherus Form 8-K Report
(https://www.sec.gov/Archives/edgar/data/1512762/000155837024000740/chrs-20240205x8k.htm)
.
"On February 5, 2024, Coherus BioSciences, Inc. (the "Company"), as borrower
and on behalf of itself and certain of its subsidiaries, entered into a
Consent, Partial Release and Third Amendment to Loan Agreement (the "Consent
and Amendment") with Biopharma Credit PLC, a public limited company
incorporated under the laws of England and Wales, as collateral agent (the
"Collateral Agent"), BPCR Limited Partnership, a limited partnership
established under the laws of England and Wales, as a lender ("BPCR"), and
Biopharma Credit Investments V (MASTER) LP, a Cayman Islands exempted limited
partnership acting by its general partner, BioPharma Credit Investments V GP
LLC (as a lender, and together with as BPCR, each, a "Lender" and
collectively, the "Lenders"), pursuant to which the Lenders and the Collateral
Agent provided certain consents, and released certain assets and subsidiaries
of the Company from their obligations under the Existing Loan Agreement and
the other loan documents in connection therewith, and the parties thereto
agreed to amend the previously disclosed loan agreement dated as of January 5,
2022 (as amended on April 7, 2022 and February 6, 2023, and as further
amended, restated, amended and restated, supplemented or otherwise modified
from time to time prior to the date of the Consent and Amendment, the
"Existing Loan Agreement") among the Company, certain of its subsidiaries, the
Collateral Agent and the Lenders.
Pursuant to and subject to terms and conditions in the Consent and Amendment,
among other things: (1) the Lenders and the Collateral Agent provided consent
to consummation of the transactions contemplated by that certain Purchase and
Sale Agreement dated as of January 19, 2024 (the "Purchase Agreement") by and
between the Company and Sandoz Inc., a Delaware corporation, and released
certain subsidiary of the Company from its obligation and certain assets
subject to the transactions contemplated thereby, (2) the Lenders and the
Collateral Agent permitted the Company to make a partial prepayment of the
principal of the loans outstanding under the Existing Loan Agreement in the
amount of $175,000,000 upon consummation of the transactions contemplated by
the Purchase Agreement, subject to certain conditions and (3) the parties
thereto agreed to adjust the minimum net sales covenant level under the
Existing Loan Agreement.
Other terms of the Existing Loan Agreement, as amended by the Consent and
Amendment, remain generally identical to those under the Existing Loan
Agreement.
The above description of the material terms of the Consent and Amendment does
not purport to be complete and is qualified in its entirety by reference to
the full text of the Consent and Amendment, which is filed as Exhibit 10.1
hereto and is incorporated herein by reference."
Pharmakon Advisors, LP will continue to provide updates in due course.
Enquiries
Buchanan
David Rydell / Mark Court / Jamie Hooper / Henry Wilson
+44 (0) 20 7466 5000
biopharmacredit@buchanan.uk.com (mailto:biopharmacredit@buchanan.uk.com)
Notes to Editors
BioPharma Credit PLC is London's only specialist debt investor to the life
sciences industry and joined the LSE in March 2017. BioPharma Credit
PLC seeks to provide long-term shareholder returns, principally in the form
of sustainable income distributions from exposure to the life sciences
industry. BioPharma Credit PLC seeks to achieve this objective primarily
through investments in debt assets secured by royalties or other cash flows
derived from the sales of approved life sciences products.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END STRUPURWPUPCGBA