UPDATE ON INVESTMENT

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:

"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and File No. 333-271624), and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently furnished."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

[phone]

[e-mail]

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.

 

END