Outlook Therapeutics Raises $18.4M Note, Extends Convertible Debt to December 2026
Outlook Therapeutics extended its existing convertible note maturity to December 31, 2026, and confirmed no default status. The company issued an $18.4 million non-convertible note bearing Prime Rate plus 3% interest (minimum 9.5%) to net $17 million, earmarked to reduce the existing note balance to $10.8 million.
1. Debt Amendment Details
Outlook Therapeutics extended the maturity of its existing convertible note to December 31, 2026, with no changes to other terms and confirmed the note is not in default.
2. New Note Issuance
The company issued an $18.4 million unsecured, non-convertible note to Atlas Sciences, LLC, with an original issue discount resulting in net proceeds of $17 million to repay part of the existing note.
3. Financing Terms
The new note carries interest at Prime Rate plus 3%, with a 9.5% annual minimum, and matures on June 16, 2027, leaving approximately $10.8 million of principal and interest outstanding on the amended note.