BridgeBio Prices Offering of $500 Million Convertible Senior Notes due 2031 to Refinance Senior Secured Debt

Core Viewpoint - BridgeBio Pharma, Inc. has announced the pricing of $500 million aggregate principal amount of 1.75% convertible senior notes due 2031, with an option for initial purchasers to buy an additional $75 million [1][2] Group 1: Financial Details - The estimated net proceeds from the sale of the notes will be approximately $489.5 million, or about $563.0 million if the option for additional notes is fully exercised [2] - A portion of the net proceeds will be used to repay all outstanding borrowings under a Financing Agreement, which accounted for approximately $51.5 million of cash paid for interest in 2024 [2] - Approximately $48.3 million of the remaining net proceeds will be used to repurchase 1,405,411 shares of common stock at a price of $34.35 per share [3] Group 2: Notes Structure - The notes will bear interest at a rate of 1.75% per year, payable semi-annually, and will mature on March 1, 2031 [4] - The initial conversion rate will be 20.0773 shares per $1,000 principal amount of notes, equating to an initial conversion price of approximately $49.81 per share, representing a 45% premium over the last reported sale price [5][7] - Holders of the notes will have the right to require the Company to repurchase their notes at 100% of their principal amount upon certain events [8] Group 3: Redemption and Ranking - The Company may not redeem the notes prior to March 6, 2028, and can redeem them under specific conditions thereafter [6] - The notes will rank senior in right of payment to any unsecured indebtedness that is subordinated and equal in right of payment to other unsecured indebtedness [9]