BioCryst announces $450M financing commitment from Pharmakon

BioCryst Pharmaceuticals announced that the company has secured $450 million in committed financing from funds managed by Pharmakon Advisors, LP. BioCryst has elected to draw $300 million of the $450 million available to the company on the closing date. The remaining $150 million of committed capital can be drawn at the company’s option until September 2024. Net proceeds to the company at closing will be approximately $26 million following the repayment of its existing credit facility with Athyrium Capital Management, and fees and expenses associated with the transaction. The new five-year credit facility bears interest at the 3-month Secured Overnight Financing Rate + 7.00%. BioCryst has the option to pay up to 50% of the interest on the loans advanced on the closing date in-kind for the first six quarters of the term, allowing the company to defer cash interest payments until after this period. The facility contains no scheduled amortization payments, with all outstanding principal due at the maturity date in 2028. There are no financial covenants associated with the financing.