BioCryst gets $100 million loan; Coca-Cola Consolidated eyes $100 million notes due 2026

By Devika Patel

Knoxville, Tenn., Feb. 6 – The private placement market saw one new deal announced on Wednesday, with Birmingham, Ala.-based BioCryst Pharmaceuticals, Inc. reporting that it has arranged a $100 million secured loan due 2022.

Also, after the close on Tuesday, Charlotte, N.C.’s Coca-Cola Consolidated, Inc. (Baa2/BBB), an independent Coca-Cola bottler, agreed to sell $100 million of 3.93% senior notes due 2026.

BioCryst negotiated a $100 million secured loan due Dec. 1, 2022 with MidCap Financial Trust.

Interest accrues at Libor plus 800 basis points, with a Libor floor of 50 bps.

The company may borrow $50 million immediately. It may borrow up to $50 million more if certain conditions are met.

The new loan facility will have an interest-only payment period through June 2020, with straight-line principal payments for 30 months beginning on July 1, 2020.

The new loan facility replaces an existing $30 million secured loan facility with MidCap.

BioCryst develops small-molecule pharmaceuticals for the prevention, treatment and control of cancer, cardiovascular diseases and viral infections.

Coca-Cola Consolidated said it intends to issue $100 million of 3.93% senior notes due 2026 to MetLife Investment Advisors, LLC and some of its affiliates.

The notes will mature on Oct. 10, 2026, unless earlier redeemed by the company.

Proceeds from the deal will be used for general corporate purposes.

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