Company: NOTV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023370
Chunk: 91

Company: Inotiv, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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, on a senior, unsecured basis, by the Guarantor.

The Notes accrue interest at a rate of 3.25% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on April 15, 2022. The Notes will mature on October 15, 2027, unless earlier repurchased, redeemed or converted. Before April 15, 2027, noteholders have the right to convert their Notes only upon the occurrence of certain events. From and after April 15, 2027, noteholders may convert their Notes at any time at their election until the close of business on the scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, its common shares or a combination of cash and its common shares, at the Company’s election. The initial conversion rate is 21.7162 common shares per $1 principal amount of Notes, which represents an initial conversion price of approximately $46.05 per common share. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Convertible Bond Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

As of March 31, 2025 and September 30, 2024, there were $2,570 and $3,031, respectively, in unamortized debt issuance costs related to the Notes. For the three months ended March 31, 2025, the total interest expense was $2,859 at an effective rate of 9.38%, including coupon interest expense of $1,056, accretion expense of $1,573, and amortization of debt discount and issuance costs of $230. For the three months ended March 31, 2024, the total interest expense was $2,907 at an effective rate of 9.38%, including coupon interest expense of $1,131, accretion expense of $1,542, and amortization of debt discount and issuance costs of $234. For the six months ended March 31, 2025, the total interest expense was $5,741, including coupon interest expense of $2,135, accretion expense of $3,145, and amortization of debt