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v3.23.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Loan Agreement |
Debt Instrument [Line Items] |
Schedule of Loans Balances | The balances of our borrowing under the Amended Loan Agreement consisted of the following:
|  | March 31, 2023 |  |  | December 31, 2022 |  |
|  | (in thousands) |  |
Principal value of term loans |  | $ | 429,916 |  |  | $ | 429,916 |  |
PIK added to principal |  |  | 18,663 |  |  |  | 15,324 |  |
Debt discount, issuance costs and exit fee accretion |  |  | (12,815 | ) |  |  | (14,247 | ) |
Term loan, net |  | $ | 435,764 |  |  | $ | 430,993 |  |
Schedule of Future Minimum Payments | Future minimum payments under the Amended Loan Agreement as of March 31, 2023 are as follows:
|  | Amount |
|  | (in thousands) |
Remainder of 2023 |  | $ | 27,089 |
Year Ending December 31: |  |  |
2024 |  |  | 40,933 |
2025 |  |  | 40,933 |
2026 |  |  | 503,381 |
Total future payments |  |  | 612,336 |
Less amounts representing interest |  |  | (155,159 | )
Less exit fee |  |  | (8,598 | )
Total principal amount of term loan payments |  | $ | 448,579 |
The amounts in the table above do not take into account our option to exercise future interest payments via PIK. Total future interest payments throughout the term of the Amended Loan Agreement could increase should we decide to exercise such option.
2027 and 2029 Notes |
Debt Instrument [Line Items] |
Schedule of Loans Balances | The outstanding Notes’ balances consisted of the following:
| March 31, 2023 |  |  | December 31, 2022 |
| 2029 Notes |  |  | 2027 Notes |  |  | 2029 Notes |  |  | 2027 Notes |
| (in thousands) |  |  | (in thousands) |
Principal | $ | 747,500 |  |  | $ | 550,000 |  |  | $ | 747,500 |  |  | $ | 550,000 |
Unamortized debt discount and issuance costs |  | (12,037 | ) |  |  | (7,935 | ) |  |  | (12,512 | ) |  |  | (8,366 | )
Net carrying amount | $ | 735,463 |  |  | $ | 542,065 |  |  | $ | 734,988 |  |  | $ | 541,634 |
Schedule of Total Interest Expense Recognized and Effective Interest Related to Notes | The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:
|  | Three Months Ended March 31, 2023 |
|  | 2029 Notes |  |  | 2027 Notes |  |  | Total |
|  | (in thousands) |  |  |  |
Contractual interest expense |  | $ | 4,205 |  |  | $ | 3,438 |  |  | $ | 7,643 |
Amortization of debt discount and issuance costs |  |  | 475 |  |  |  | 431 |  |  |  | 906 |
Total interest and amortization expense |  | $ | 4,680 |  |  | $ | 3,869 |  |  | $ | 8,549 |
Effective interest rate |  |  | 2.6 | % |  |  | 2.8 | % |  |  |
|  | Three Months Ended March 31, 2022 |
|  | 2029 Notes |  |  | 2027 Notes |  |  | Total |
|  | (in thousands) |  |  |  |
Contractual interest expense |  | $ | 4,205 |  |  | $ | 3,438 |  |  | $ | 7,643 |
Amortization of debt discount and issuance costs |  |  | 463 |  |  |  | 420 |  |  |  | 883 |
Total interest and amortization expense |  | $ | 4,668 |  |  | $ | 3,858 |  |  | $ | 8,526 |
Effective interest rate |  |  | 2.6 | % |  |  | 2.8 | % |  |  |
Schedule of Future Minimum Payments | Future minimum payments under the Notes as of March 31, 2023 are as follows:
|  | 2029 Notes |  |  | 2027 Notes |  |  | Total |
|  | (in thousands) |
Remainder of 2023 |  | $ | 8,409 |  |  | $ | 6,875 |  |  | $ | 15,284 |
Year ending December 31: |  |  |  |  |  |  |  |  |
2024 |  |  | 16,819 |  |  |  | 13,750 |  |  |  | 30,569 |
2025 |  |  | 16,819 |  |  |  | 13,750 |  |  |  | 30,569 |
2026 |  |  | 16,819 |  |  |  | 13,750 |  |  |  | 30,569 |
2027 |  |  | 16,819 |  |  |  | 556,875 |  |  |  | 573,694 |
Thereafter |  |  | 772,729 |  |  |  | — |  |  |  | 772,729 |
Total future payments |  |  | 848,414 |  |  |  | 605,000 |  |  |  | 1,453,414 |
Less amounts representing interest |  |  | (100,914 | ) |  |  | (55,000 | ) |  |  | (155,914 | )
Total principal amount |  | $ | 747,500 |  |  | $ | 550,000 |  |  | $ | 1,297,500 |
Capped Call and Share Repurchase Transactions with Respect to the Notes On each of January 25, 2021 and March 4, 2020, concurrently with the pricing of the 2029 Notes and 2027 Notes, respectively, we entered into separate privately negotiated capped call transactions (the “2021 Capped Call Transactions” and the “2020 Capped Call Transactions”, respectively), or, together, the Capped Call Transactions, with certain financial institutions, or the Capped Call Counterparties. We used approximately $61.3 million and $49.3 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering, respectively, to pay for the cost of the respective Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to BridgeBio’s common stock upon any conversion of Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap initially equal to $131.58 for the 2021 Capped Call Transactions and $62.12 for the 2020 Capped Call Transactions (both of which represented a premium of 100% over the last reported sale price of BridgeBio’s common stock on the date of the Capped Call Transactions) and are subject to certain adjustments under the terms of the Capped Call Transactions. The 2021 Capped Calls and 2020 Capped Calls cover 7,702,988 shares and 12,878,305 shares, respectively, of our common stock (subject to anti-dilution and certain other adjustments), which are the same number of shares of common stock that initially underlie the Notes. The 2021 Capped Calls have an initial strike price of approximately $97.04 per share, which corresponds to the initial conversion price of the 2029 Notes. The 2020 Capped Calls have an initial strike price of approximately $42.71 per share, which corresponds to the initial conversion price of the 2027 Notes. The Capped Call Transactions are separate transactions, entered into by us with the Capped Call Counterparties, and are not part of the terms of the Notes. These Capped Call instruments meet the conditions outlined in ASC 815-40, Derivatives and Hedging, to be classified in stockholders’ equity and are not subsequently remeasured as long as the conditions for equity classification continue to be met. We recorded a reduction to additional paid-in capital of approximately $61.3 million and $49.3 million for the years ended December 31, 2021 and 2020, respectively, related to the premium payments for the Capped Call Transactions. Additionally, we used approximately $50.0 million and $75.0 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering to repurchase 759,993 shares and 2,414,681 shares, respectively, of our common stock concurrently with the closing of the Note Offerings from certain of the Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchases were $65.79 and $31.06, which were the last reported sale prices per share of our common stock on The Nasdaq Global Select Market, or Nasdaq, on January 25, 2021 and March 4, 2020, respectively. The shares repurchased were recorded as treasury stock.

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