GenesisCare gets approval of $261 million in DIP-to-exit financing

By Sarah Lizee

Olympia, Wash., Dec. 8 – GenesisCare Pty Ltd. secured approval of $261 million in DIP-to-exit financing consisting of a senior secured multiple-draw term loan facility with existing lenders, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Of the facility’s amount, $241 million will be used to pay down the new-money tranche of the company’s original DIP facility and $20 million will be new money used to fund and emerge from the Chapter 11 cases, as previously reported.

The facility will be equitized in part and convert into exit takeback facilities when the company emerges from bankruptcy.

The facility carries a 15% closing fee, a 3% exit fee, a 1.5% funding fee and a 20% equitization fee.

The interest rate will be the same as the existing DIP facility. Interest is SOFR, subject to a 1% floor, plus 1,000 basis points per annum, with SOFR plus 150 bps per annum payable in cash and the remaining portion payable in kind.

The maturity date for the exit new money facilities will be five years from closing.

Kroll Agency Services Ltd. is the DIP administrative agent.

GenesisCare is a cancer care provider with headquarters in Sydney. The company filed bankruptcy on June 1 under Chapter 11 case number 23-90614.

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