Inotiv amends credit agreement, secures additional liquidity

Inotiv has amended certain terms of its Credit Agreement. In addition, Inotiv has closed the sale of $22.6 million aggregate principal amount of 15% Senior Secured Second Lien PIK Notes due February 2027 and warrants to purchase common shares, to certain investors in a private offering. Robert Leasure Jr., CEO, commented, “In order to increase our liquidity and to begin strengthening Inotiv’s balance sheet, the Company has amended its Credit Agreement and has issued $22.6 million in Second Lien Notes for $17.0 million in cash and the cancellation of approximately $8.3 million of our existing convertible senior notes. Among other items, the amendment to the Credit Agreement provides financial covenant relief through the quarter ending June 30, 2025, and establishes new financial covenant tests for the fiscal quarters starting June 30, 2025 and thereafter. We believe this will give us additional flexibility and time to see the results from our recently completed site optimization plans, the recovery and strengthening of the NHP market, and efforts to grow market share and cashflow.”