OnCure receives interim access to $25 million DIP financing facility

By Jim Witters

Wilmington, Del., June 18 - OnCure Holdings, Inc. received interim access to $25 million in debtor-in-possession financing, according to documents filed June 18 with the U.S. Bankruptcy Court for the District of Delaware.

The financing facility includes a paydown of all prepetition first-lien secured obligations within two business days and an additional $4.7 million draw.

The paydown is subject to unwinding if there is a successful challenge to the liens.

Wells Fargo Bank, NA is the administrative agent.

The financing will mature six months from the bankruptcy filing date.

Interest will be Libor plus 800 basis points with a 1.25% Libor floor.

A hearing for final DIP approval is scheduled for 4 p.m. ET on July 17.

OnCure, an Englewood, Colo.-based provider of business management services and medical equipment to oncology physician groups, filed for bankruptcy on June 17. The Chapter 11 case number is 13-11540.

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