26th May 2020 18:05
(Alliance News) -Â Life sciences debt investment trust BioPharma Credit PLC on Tuesday said it has entered into a three-year USD200 million revolving credit facility with JPMorgan Chase Bank.
The company will pay a commitment fee on undrawn amounts of 200 basis points and a LIBOR margin of 400 basis points on drawn amounts.
"We are proud to partner with JPMorgan in the company's inaugural credit facility. This new capital, together with expected cash flows from the portfolio, will provide greater flexibility in relation to new lending opportunities and provide complete coverage for downstream funding obligations," said Pedro Gonzalez de Cosio, chief executive of Pharmakon Advisors LP, BioPharma's investment manager.
Shares in BioPharma closed up 0.8% at 0.958 pence in London on Tuesday.
By Lucy Heming;Â [email protected]
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