aibioBioXcel amends Oaktree credit agreement, sets August 21 deadline
Tickers BTAI
Oaktree Fund Administration, LLC is administrative agent. The amendment requires definitive transaction agreements by August 21, 2026 and sets the minimum liquidity amount at $3,000,000 from August 10, 2026.
Key facts
- Company
- BioXcel Therapeutics, Inc. (OTC: BTAI)
- News type
- Debt Financing
- Primary source
- SEC Form 8-K
BioXcel Therapeutics, Inc. filed an exhibit to a Form 8-K that amends its credit documents with its lenders. Oaktree Fund Administration, LLC is the administrative agent under the Credit Agreement and Guaranty dated April 19, 2022, and under the related Security Agreement of the same date.
The lenders restated the transaction milestone. On or before August 21, 2026, the obligors must enter into definitive agreements for a transaction that would result in full cash repayment of the Obligations, or for an alternative capital solutions transaction. The agreement must be acceptable to the Majority Lenders in their sole and absolute discretion.
The lenders also reset the Minimum Liquidity Amount. It is $6,250,000 for the period up to August 10, 2026, and $3,000,000 from that date on. The security agreement schedule of commercial tort claims was replaced with three listed cases, including a Delaware Superior Court docket and a Florida circuit court docket.
The filing does not state a new principal amount or a new interest rate. Apart from these changes, the loan documents remain in effect, and the amendments do not waive the lenders' rights. The filing names no placement agent or advisor.