BUZZ-BridgeBio up after $500 mln convertible debt deal priced

Shares of BridgeBio Pharma BBIO.O up 0.8% at $34.63 premarket after securing capital raise to refinance debt

Palo Alto, California-based co announced pricing private offering of $500 mln 1.75% 6-yr convertible bonds

Initial conversion price of $49.81 represents 45% premium to stock's last close

BBIO shares on Tues fell 5.2% to $34.35 after co unveiled offering to repay all outstanding borrowings and terminate financing agreement with lenders and Blue Owl Corporation

Co intends to use ~$48 mln of remaining proceeds to buy back ~1.4 mln shares of its common stock from bond purchasers

With ~190 mln shares outstanding, BBIO has ~$6.5 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 Tues, stock up 25% YTD

Median PT of 16 Wall Street analysts covering BBIO is $49.50