21st Century Oncology secures credit agreement amendment and waiver

By Caroline Salls

Pittsburgh, June 13 – 21st Century Oncology Holdings, Inc. entered into an amendment and waiver to its credit agreement with Morgan Stanley Senior Funding, Inc., according to an 8-K filed Monday with the Securities and Exchange Commission.

Specifically, any event of default under the credit agreement in connection with the company’s failure to provide audited annual financial statements and related reports and certificates for the year ended Dec. 31 and the quarter ended March 31 was waived through July 31.

The amendment also waives any cross-default that may arise under the credit agreement before or on July 31 as a result of a default on 21st Century’s 11% senior notes due 2023 as a result of its failure to deliver to the indenture trustee its 10-K for the year ended Dec. 31 and its 10-Q for the quarter ended March 31.

According to the 8-K, the interest rates applicable to credit agreement were amended. Interest rates for Libor loans are 6%, and interest rates for Base rate loans are 5%.

If the company does not deliver the financial results to the administrative agent by June 30, the interest rates will increase by 0.125% as of July 1.

21st Century Oncology is a Fort Myers, Fla.-based provider of integrated cancer care services.

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