BUZZ-BridgeBio falls after announcing $500 mln convertible to refinance debt

Shares of BridgeBio Pharma BBIO.O down 5.8% premarket to $34.15 as co seeks capital raise to refinance debt

Palo Alto, California-based firm late Mon announced private offering of $500 mln 6-yr convertible bonds

Co said plans to use portion of net offering proceeds to repay all outstanding borrowings under agreement with lenders and Blue Owl Corporation

It also intends to use up to $50 mln of any remaining proceeds to buy back its stock from bond purchasers, rest for general purposes

With ~190 mln shares outstanding, BBIO has ~$6.9 bln market cap, LSEG data shows

Last week, co posted Q4 rev beat of $5.9 mln, citing strong sales of its rare heart disease drug, acoramidis, sold as Attruby in the U.S. and Beyonttra in the EU

Through Mon, BBIO shares up 32% to begin 2025

Avg rating among 16 analysts is "buy"; median PT of $49.50 represents ~37% premium to stock's last close - LSEG