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