Loan & DebtMay 18, 2026, 08:22 AM
Inotiv Secures $40M Bridge Facility, Amends Credit Agreement
AI Summary
Inotiv, Inc. entered into a Ninth Amendment to its Credit Agreement, establishing a new $40.0 million Bridge Facility. The company initially borrowed $27.5 million from this facility to repay approximately $14.3 million in outstanding revolving loans and terminate all revolving commitments. The amendment also modified certain financial covenants, including waivers for Q1 2026 and new thresholds for subsequent quarters, and mandated the formation of a special committee of the Board, leading to the appointment of an independent director.
Key Highlights
- Secured a new $40.0 million Bridge Facility as delayed draw term loan commitments.
- Initially borrowed $27.5 million from the Bridge Facility to repay revolving loans.
- Repaid approximately $14.3 million in outstanding revolving loans and terminated commitments.
- Bridge Facility Lenders received a 1.00% closing fee, capitalized into the principal.
- Consenting existing term lenders received a 2.50% consent fee, capitalized into their term loans.
- Waiver of first lien net leverage ratio and minimum fixed charge covenant for Q1 2026.
- Minimum fixed charge covenant set at 1.00:1.00 for Q2 2026 and subsequent quarters.
- Appointed Eugene I. Davis as an independent director with a $40,000 monthly fee.
Price Impact
More from NOTV