REG - BioPharma Credit PLC - UPDATE ON INVESTMENT

Biopharma CreditAnnouncement

12/10/2023 07:00

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RNS Number : 9111P  BioPharma Credit PLC  12 October 2023

12 October 2023

 

BIOPHARMA CREDIT PLC

 

UPDATE ON INVESTMENT

 

BioPharma Credit PLC (LSE: BPCR) notes the filing of a Form 6-K made on 11
October 2023 by LumiraDx Limited ("LumiraDx") which discloses an amendment to
the loan agreement entered into with BioPharma Credit PLC, BPCR Limited
Partnership, and BioPharma Credit Investments V (Master) LP, which is copied
below in part for convenience and can be found in its entirety at: LumiraDx
Form 6-K Report
(https://www.sec.gov/Archives/edgar/data/1685428/000095017023052908/form_6-k_pharma_amend_13.htm)
:

 

"EXPLANATORY NOTE

 

On October 11, 2023, LumiraDx Investment Limited, one of the subsidiaries of
LumiraDx Limited (the "Company"), entered into a thirteenth amendment to that
certain Loan Agreement, dated March 23, 2021 (as amended from time to time,
the "Loan Agreement"), with BioPharma Credit Investments V (Master) LP and
BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as collateral
agent (the "Thirteenth Amendment").

Pursuant to the Thirteenth Amendment (i) the minimum liquidity covenant in the
Loan Agreement is waived until October 23, 2023; provided that the
consolidated liquidity of the Company and its subsidiaries during this waiver
period (and tested on a weekly basis) must be at least $5 million, and (ii)
the minimum net sales covenant for the trailing twelve-month period ended
September 30, 2023 will be tested on October 23, 2023.

This report on Form 6-K shall be deemed to be incorporated by reference into
the Company's registration statements on Form S-8 (File No. 333-259874, File
No. 333-264611 and File No. 333-271538), and the registration statements on
Form F-3 (File No. 333-264609 and File No. 333-271624), and to be a part
thereof from the date on which this report is filed, to the extent not
superseded by documents or reports subsequently furnished."

 

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.

 

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