Inventiva Completes Repayment of EIB Loans and the First Two Tranches of Its New Financing
Inventiva finalized on Friday the key steps of a financial restructuring announced on June 2: full repayment of its loans from the European Investment Bank and the issuance of the first two tranches of convertible and amortizable bonds totaling 75 million euros with funds managed by BlackRock and Claret Capital Partners.
EIB Debt Clearance and Partial Redemption of Warrants
The French biotech company has prepaid in full the EIB loans amounting to a total of 62.2 million euros, principal and accrued interest. The European Investment Bank agreed to waive the early repayment fees that would normally have been due. Concurrently, Inventiva repurchased and cancelled all 2,266,023 warrants (BSA) from EIB Tranche A and 700,000 BSA from EIB Tranche B for a total price of 50 million euros, corresponding to approximately 22.7 million underlying shares. The remaining EIB warrants will be submitted for cancellation during the issuance of new warrants, subject to approval at the general meeting scheduled for June 30, 2026.
Two Tranches of Bonds Totaling 75 Million Euros Gross
Inventiva issued two instruments with a total nominal value of 75 million euros to investors. Tranche A includes 35 million euros of senior secured convertible bonds, with a conversion price set at 5.2893 euros, representing a 40% premium applied to the offering price of 3.7781 euros per ordinary share from the previously announced capital increase. Tranche B includes 40 million euros of senior secured amortizable bonds, each with a nominal value of 100,000 euros. These operations will generate a net proceeds of 71.3 million euros for the company. Concurrently, Inventiva issued warrants (Lender Warrants): 1,624,196 Tranche A/B warrants exercisable immediately, and 661,709 Tranche C warrants exercisable only upon future drawdown of Tranche C of the amortizable bonds. The exercise price of the Lender Warrants was set at 4.1559 euros, representing a 10% premium over the offering price in euros.
A Tranche C Subject to Several Conditions
The subscription agreement provides for an additional Tranche C of up to 55 million euros in amortizable bonds. Its issuance remains subject to several conditions: the full issuance of Tranches A and B already completed, adherence to a maximum debt/equity ratio of 10%, achievement of the main evaluation criterion of the ongoing NATiV3 clinical trial, and the exercise of the warrants issued from the second tranche of the structured financing announced in October 2024 or any other equity fundraising of at least 100 million euros. This Tranche C may be issued before February 28, 2027.
