BridgeBio Prices $550 Million Convertible Senior Notes Offering

MT Newswires Live01-16

BridgeBio (BBIO) said Friday it priced a private offering of $550 million in 0.75% convertible senior notes due 2033.

The company said it expects $538.4 million in net proceeds and plans to use it to repurchase or repay a portion of its 2.5% convertible senior notes due 2027.

The notes featured an initial conversion price of approximately $110.58 per share, representing a 45% premium relative to the stock's closing price on Thursday, BridgeBio said.

The company also said it plans to use $82.5 million of cash on hand to repurchase roughly 1.1 million shares of its common stock concurrently with the offering.

Shares of the company were up 1.9% in recent Friday premarket activity.

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