Trinity Biotech plc entered into a second amendment to its Sixth Amended and Restated Credit Agreement and a conversion rights agreement with Perceptive Advisors on December 23, 2025. The amendment adds a $5 million term loan, extends the credit facility maturity to January 15 2027, and provides up to $60 million of elective equitization capacity that can be exercised at the company’s discretion.
Under the conversion rights agreement, debt or milestone payments can be converted into American Depositary Shares at the greater of 97 % of the volume‑weighted average price or a floor price of $1.03, subject to a 9.9 % beneficial ownership cap. The agreement also grants conversion rights for milestone payments of $5 million and for contingent obligations of $7.5 million, terminating up to $15 million of debt if the conversion is exercised.
CEO John Gillard said the new arrangements place Trinity in a stronger strategic position to accelerate its innovation agenda, advance the CGM+ continuous glucose monitoring platform, and improve financial flexibility. He added that the liquidity boost will support the company’s ongoing transformation plan and its broader diagnostics and diabetes‑management pipeline.
The financing materially improves Trinity’s balance sheet by reducing debt‑to‑equity pressure and providing a cash runway to invest in high‑growth areas. The company’s Q3 2025 results—32 % revenue growth and a return to positive adjusted EBITDA—underscore the effectiveness of the transformation plan and the importance of the new funding to sustain momentum.
Investors reacted strongly to the announcement, citing the immediate liquidity infusion, the extension of debt maturities, and the potential for deleveraging through equity conversion as key drivers of confidence in Trinity’s ability to execute its growth strategy and bring the CGM+ platform to market.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.