GenesisCare gets access to $90 million of new money under DIP loan

By Sarah Lizee

Olympia, Wash., June 2 – GenesisCare Pty Ltd. received interim approval of a debtor-in-possession financing package, according to an interim order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, GenesisCare has secured commitments for a $200 million new-money DIP facility from existing term lenders. The facility will also include a $600 million rollup of prepetition term loan debt.

Following the interim order, the company now has interim access to $90 million of the new money and $270 million of the rollup.

Kroll Agency Services Ltd. is the DIP administrative agent.

The new money DIP term loans will bear interest at 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 roll-up loans will bear interest at the per annum non-default rate under the prepetition agreements, also with 150 bps payable in cash and the remainder payable in kind.

There is a 3% closing fee, a 3% exit fee and a 0.75% ticking fee on new money.

GenesisCare said the facility is essential for the debtors to continue to operate their businesses during the Chapter 11 cases.

The company has also received interim approval to access the lenders’ cash collateral.

A final hearing is scheduled for June 27.

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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