BioXcel Therapeutics secures USD 77.25 million DIP financing from Oaktree, Qatar Investment Authority affiliates
BTAI•DIP financing agreement signed
BioXcel Therapeutics entered a super-priority senior secured priming debtor-in-possession credit agreement with Oaktree affiliates and Qatar Investment Authority affiliates.
The DIP facility totals up to $77.25 million, including up to $19 million of new money term loans.
Facility terms and use of proceeds
The facility also includes up to $58.25 million of roll-up loans converting prepetition debt, including a $1.25 million bridge loan.
Borrowings carry a 13% interest rate; roll-up interest capitalizes; a 4% exit fee is payable on repayment or prepayment. The facility matures on Jan. 27, 2027.
Proceeds will fund Chapter 11 working capital and case costs, and lenders receive superpriority claims and priming liens.
