Jul. 1 at 11:41 AM
$BBIO $75.000 bid
https://stocktwits.com/G101SPM/message/640618387
BRIEF: Co announced that it has entered into an agreement with funds managed by Sixth Street and funds managed by HealthCare Royalty, a business of KKR (KKR) under which the Purchasers have invested up to
$1 billion in newly issued convertible preferred equity of the Company.
The Series A Cumulative Convertible Participating Preferred Stock has the following principal terms:
7.00% initial dividend, payable in kind or in cash at the Company's election
Initial conversion price of
$137.79 per share (more than 100% premium to BridgeBio's 30-day volume-weighted average price), increasing to
$153.10 per share (more than 125% premium) from the fifth anniversary
Permanent equity with no scheduled maturity and no redemption at the holder's option
BridgeBio may redeem the preferred stock for cash or, in certain circumstances, convert it into common stock, in each case on the terms set forth in the definitive agreements
Sixth Street funded
$800M as the lead investor, and HealthCare Royalty funded
$133.9M at today's close of the preferred equity investment.
