other_material
confidence high
sentiment negative
materiality 0.85
Inotiv obtains $40M bridge, waives Q2 leverage, forms strategic committee, settles cyber class action
Inotiv, Inc.
- Entered $40M bridge facility; borrowed $27.5M to repay all outstanding revolving loans (~$14.3M) and terminate revolver commitments.
- Lenders waived first lien net leverage ratio test for Q2 2026; minimum fixed charge covenant set at 1.00:1.00 from June 2026.
- Board appointed Eugene Davis and John T. Young to form Special Committee to evaluate strategic alternatives, including recapitalization.
- Missed $2.139M interest payment on 3.25% convertible notes due 2027; Supplemental Indenture extended grace period to May 29, 2026.
- Reached proposed settlement for August 2025 cyber incident privacy class action; payments expected fully covered by insurance.
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