January 15, 2026
$550 million + $82.5 million Greenshoe
Maturity: 7 Years
Execution Structure: 1-Day Marketed
Structure: Provisional Call after 4 Years at 130% with Make-Whole
Coupon: 0.75% (0.75-1.25% marketing range)
Premium: 45.0% (37.5-42.5% marketing range)
Concurrent Stock Buyback: $82.5mm
Matthews South Role: Financial Advisor
Bookrunners: Goldman Sachs / Cantor Fitzgerald / TD Cowen / Evercore / Mizuho / Piper Sandler
Execution Structure: 1-Day Marketed
Structure: Provisional Call after 4 Years at 130% with Make-Whole
Coupon: 0.75% (0.75-1.25% marketing range)
Premium: 45.0% (37.5-42.5% marketing range)
Concurrent Stock Buyback: $82.5mm
Matthews South Role: Financial Advisor
Bookrunners: Goldman Sachs / Cantor Fitzgerald / TD Cowen / Evercore / Mizuho / Piper Sandler
$550 million Convertible
Transaction and Process Overview
- Structuring
- Matthews South advised BridgeBio on the issuance of a new 7-year convertible security to prefund the repayment of its 2027 convertible notes
- The transaction continues BridgeBio’s long-term debt management strategy and strengthens the company’s balance sheet by:
- Lowering future interest expense by replacing the 2.50% notes due 2027 with lower coupon debt
- Reducing dilution via a concurrent $82.5mm share buyback, and achieving a conversion price ~40% above the stock’s all-time high
- Significantly extending the debt maturity stack to 2033 upon repayment of the 2027 notes
- We provided strategic guidance and helped the company navigate multiple work streams, focusing on optimal structuring, documentation, pricing and execution
- Marketing and Pricing
- The convertible offering priced better than the initial marketing range at a 0.75% coupon and 45% conversion premium, the best-ever pricing outcome for a 7-year issuance in biotech
- On a day where the XBI was down 1.9%, BBIO stock closed down only 2.1% due to strong outright investor demand
Additional Deals for BridgeBio Pharma:
