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21st Century Oncology loan, 11% notes waiver extended through Aug. 8
By Marisa Wong
Morgantown, W.Va., Aug. 5 – 21st Century Oncology, Inc. obtained extensions of previously granted waivers of default for its credit agreement and its 11% senior notes due 2023.
21st Century Oncology entered into a limited waiver on Aug. 2 with respect to its credit agreement dated April 30, 2015 with Morgan Stanley Senior Funding, Inc. as administrative agent, according to an 8-K filed Friday with the Securities and Exchange Commission.
The latest waiver extends the period for the limited waivers granted on June 10. The waiver waives through Aug. 8 any default or event of default under the credit agreement for failure to timely provide audited annual financial statements and related reports and certificates for the year ended Dec. 31, 2015 and quarterly financial statements and related reports and certificates for the quarter ended March 31.
Additionally, the credit agreement waiver waives through Aug. 8 any cross-default that may arise under the credit agreement as a result of a default or event of default under the company’s 11% notes due 2023. The default under the notes arose from 21st Century Oncology’s failure to furnish the trustee and noteholders or file with the SEC its 10-K for the year ended Dec. 31, 2015 or a 10-Q for the quarter ended March 31.
The company also reached an agreement with holders of a majority of its outstanding 11% notes for a new waiver period for the limited waivers granted July 25. Under the new waiver, dated Aug. 1, the defaults or events of default under the notes indenture are waived through Aug. 8.
During the waiver period, the company has agreed to continue discussions with the noteholders to reach agreement on a proposed amendment and supplement to the indenture to address long-term resolution of the existing defaults.
21st Century Oncology is a Fort Myers, Fla.-based provider of integrated cancer care services.
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