BridgeBio Pharma, Inc. announced the issuance of $575 million in 1.75% Convertible Senior Notes due 2031 in a private offering to qualified institutional buyers. The notes will accrue interest semiannually and mature on March 1, 2031, unless converted, redeemed, or repurchased earlier. Holders can convert their notes into cash, shares of BridgeBio’s common stock, or a combination of both at the company's election.

The company received net proceeds of approximately $563 million after deducting discounts and offering expenses. A portion of the proceeds was used to repurchase $48.3 million of its common stock, repay all outstanding borrowings under a financing agreement, and terminate that agreement. Any remaining proceeds will be used for general corporate purposes.

BridgeBio may redeem the notes for cash on or after March 6, 2028, under specific conditions. If a fundamental change occurs, holders may require the company to repurchase their notes for cash at 100% of the principal amount plus accrued interest.

The notes were issued under an indenture with U.S. Bank Trust Company, National Association, as trustee. They are general unsecured obligations, ranking senior to subordinated debt, equal to other unsecured obligations, and structurally junior to the liabilities of the company’s subsidiaries.

Additionally, BridgeBio issued press releases on February 24 and 25, 2025, announcing the offering and pricing of the notes.