21st Century Oncology pulls $430 million term B with IPO postponement

By Sara Rosenberg

New York, May 22 - 21st Century Oncology Inc. withdrew its $430 million seven-year first-lien senior secured term loan B from market as the company decided to postpone its initial public offering of common stock and public offering of series A mandatory convertible junior non-voting preferred stock, according to a market source.

The company said in a news release that the stock offerings were being pushed off "due to unfavorable current market conditions."

21st Century's S-1 filing with the Securities and Exchange Commission has not been withdrawn and the company plans to continue to evaluate the timing for the offerings as market conditions develop.

The term loan B that was pulled was talked at Libor plus 425 basis points to 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, GE Capital Markets and Wells Fargo Securities LLC were the lead banks on the deal.

Proceeds were going to be used to refinance existing debt.

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

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