BUZZ-BridgeBio dips after unveiling $550 mln convertible bond deal

Reuters01-15
BUZZ-BridgeBio dips after unveiling $550 mln convertible bond deal

** BridgeBio Pharma BBIO.O shares down 2.4% post-market at $76 as co seeks capital to refinance debt

** Genetic diseases-focused biopharma announces private offering of $550 mln 7-yr convertible bonds (CBs)

** It intends to use net offering proceeds to prefund repayment of its outstanding 2.5% CBs due 2027 and for general corp purposes

** Co also plans to use up to $82.5 mln of cash to repurchase its stock from CB purchasers to facilitate hedging transactions

** Palo Alto, California-based BBIO has roughly $15 bln market cap

** Shares on Weds closed down 1.5% at $77.90

** Stock, which has more than doubled over the past year, hit record intraday high of $79.88 on Tues

** All 16 analysts are bullish, including 6 "strong buy" ratings; median PT $86, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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