NEW INVESTMENT IN KESTRA MEDICAL

BioPharma Credit PLC

15 July 2026

 

15 July 2026

BIOPHARMA CREDIT PLC

(THE "COMPANY")

NEW INVESTMENT OF UP TO US$45 MILLION IN KESTRA MEDICAL

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investment trust, is pleased to announce that it, through its fully owned subsidiary, together with BioPharma Credit Investments V (Master) LP ("BioPharma-V") have entered into a new senior secured loan agreement (the "Loan Agreement") with Kestra Medical Technologies, Inc. ("Kestra").  The Company will invest up to US$45 million and BioPharma-V will invest up to an additional US$105 million in parallel, with the Company acting as collateral agent.

Under the Loan Agreement, the Company will invest up to US$45 million across three tranches, subject to customary conditions precedent:

·    Tranche A of US$22.5 million was funded at the signing of the Loan Agreement;

·    Tranche B of US$7.5 million is available to be requested to be drawn by 31 July 2027; and

·    Tranche C of US$15 million is available to be requested to be drawn by 30 June 2028.

An uncommitted Tranche D of US$15 million will be available upon the mutual agreement between Kestra and the Company, as well as any additional conditions as agreed. The loan will mature in July 2031 and will bear interest at 3-month SOFR plus 5.50 per cent. per annum subject to a 3.25 per cent. SOFR floor. A one-time additional consideration of 1.75 per cent of each tranche, is payable by Kestra upon the funding of each respective tranche. Certain undisclosed prepayment and makewhole fees, as well as exit consideration, are also payable by Kestra in connection with repayment of the loans.

Kestra is a commercial-stage wearable medical device and digital healthcare company focused on improving cardiovascular outcomes through diagnostic monitoring and therapeutic technologies, with a current market capitalization of ~US$1.59 billion (Ticker: KMTS - NASDAQ).  Kestra's main product is the ASSURE System, a wearable cardioverter defribulator (WCD) designed to protect at-risk cardiac patients from sudden cardiac arrest (SCA). In the Fiscal Year ended 30 April 2026, Kestra net product revenues were US$95m (+59% YoY), with US$29m (+66% YoY) in 4Q Fiscal Year 2026.

Enquiries:

BioPharma Credit plc

via MUFG Corporate Governance Limited

Company Secretary

[phone]

Burson Buchanan

Henry Wilson / Helen Tarbet / Jamie Hooper / Nick Croysdill

[phone]

[e-mail]

Notes to Editors:

BioPharma Credit PLC is London's only specialist debt investor to the life sciences industry and joined the LSE in March 2017. BioPharma Credit PLC seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. BioPharma Credit PLC seeks to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.

 

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