BioXcel Therapeutics amends Oaktree-led credit agreement, defers loan payment to Aug. 31
BTAI•Credit agreement amendment and deferred payment
BioXcel Therapeutics entered an Eleventh Amendment to its April 2022 Credit Agreement with lenders led by Oaktree Fund Administration.
- Principal due June 30, 2026, previously pushed to July 31, is deferred again to Aug. 31.
- The Aug. 31 payment is set at $9.02 million for June 30 principal and interest, with accrued interest and fees through Aug. 31.
- The minimum liquidity covenant was lowered to $6.25 million from $7.5 million.
- The company must sign lender-acceptable definitive agreements by Aug. 10 for full repayment or an alternative capital solutions transaction.
- Compensation changes are restricted through Aug. 10.
