UPDATE ON INVESTMENT
11/12/2023 11:25
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RNS Number : 3619W BioPharma Credit PLC 11 December 2023
11 December 2023
BIOPHARMA CREDIT PLC
UPDATE ON INVESTMENT
BioPharma Credit PLC (LSE: BPCR) notes the filing of a Form 6-K made on 8
December 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/1685428/000095017023069137/form_6-k_pharma_amend_17.htm)
:
"EXPLANATORY NOTE
On December 8, 2023, LumiraDx Investment Limited (the "Borrower"), one of the
subsidiaries of LumiraDx Limited (the "Company"), entered into a seventeenth
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 the lenders, BioPharma Credit
PLC, as collateral agent, and the other credit parties named therein (the
"Seventeenth Amendment").
Pursuant to the Seventeenth Amendment, among other things, (i) the minimum
liquidity covenant in the Loan Agreement is waived until the end of the Waiver
Period (as defined in the Seventeenth Amendment), 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, (ii) the
minimum net sales covenant for the trailing twelve-month period ended
September 30, 2023 will be tested at the end of the Waiver Period, and (iii)
the Waiver Period has been extended to December 28, 2023; provided that the
Lenders may terminate the Waiver Period by providing notice to the Borrower
one business day in advance of such termination. The Seventeenth Amendment
also removes undrawn Tranche H term loan loans in an aggregate amount of $4
million from the Loan Agreement.
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superseded by documents or reports subsequently furnished."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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