BridgeBio issues $632.5 million convertible notes due 2033

BridgeBio Pharma Inc. (NASDAQ: BBIO) issued $632.5 million in convertible senior notes due 2033 through a private offering to qualified institutional buyers on January 21, 2026, according to a company statement.

The notes carry a 0.75% annual interest rate and mature on February 1, 2033. Interest payments occur semiannually on February 1 and August 1, beginning August 1, 2026. The offering included an additional $82.5 million from initial purchasers exercising their option to buy more notes.

BridgeBio received approximately $619.3 million in net proceeds after deducting underwriter discounts and estimated offering expenses. The company plans to use proceeds to repurchase, settle conversion obligations or repay a portion of its existing 2.50% convertible senior notes due 2027, plus general corporate purposes including working capital and capital expenditures.

The notes are convertible into cash, common stock or a combination at BridgeBio's discretion. The initial conversion rate is 9.0435 shares per $1,000 principal amount, equivalent to a conversion price of approximately $110.58 per share.

Holders may convert notes before November 1, 2032 under specific conditions, including when the stock price reaches at least 130% of the conversion price for 20 trading days in a 30-day period during certain calendar quarters. After November 1, 2032, holders may convert at any time until maturity.

BridgeBio also intends to use $82.5 million of existing cash to repurchase 1,081,825 common shares from certain note purchasers in private transactions. U.S. Bank Trust Company serves as trustee for the notes.

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