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August 01, 2015 3:12 PM ET

Healthcare Providers and Services

Company Overview of Aurora Diagnostics, LLC

Company Overview

Aurora Diagnostics, LLC, a specialized laboratory company, provides unsurpassed diagnostic, prognostic, and therapeutic information and services to physicians, hospital systems, and researchers in the United States. It offers pathology services, such as dermatopathology, gastrointestinal and hepatic pathology, hematopathology, and genitourinary; and pathology services to women’s health care providerpathology. The company also provides molecular diagnostic services that focus on pharmacogenomics, oncology, women’s health, and infectious diseases; and hospital-based clinical and management solutions, such as anatomic and clinical, professional component, and technical component pathology servi...

11025 RCA Center Drive

Suite 300

Palm Beach Gardens, FL 33410

United States

Founded in 2006

1,102 Employees

Phone:

866-420-5512

Fax:

561-626-4530

Key Executives for Aurora Diagnostics, LLC

Chief Executive Officer and President
Age: 67
Executive Vice President of Sales & Marketing
Age: 45
Compensation as of Fiscal Year 2015.

Aurora Diagnostics, LLC Key Developments

Aurora Diagnostics Enters into Third Amendment to its Financing Agreement

On July 14, 2015, Aurora Diagnostics Holdings, LLC entered into a third amendment to its financing agreement dated as of July 31, 2014, as amended, restated, supplemented or otherwise modified from time to time, by and among Aurora Diagnostics, LLC, as borrower, the company and certain subsidiaries of the borrower parties thereto, as guarantors, the various lenders from time to time party thereto, as lenders, and Cerberus Business Finance, LLC, as administrative agent and collateral agent. Pursuant to the financing agreement, the borrower borrowed a total of $25,000,000 under the initial delayed draw term loan. On or prior to the third amendment effective date, the company had $5,400,000 of excess funds remaining from such Term Loan draw. The third amendment provides that from and after the third amendment effective date until the sixtieth day after the third amendment effective date, the borrower may use the excess loan proceeds to (i) consummate certain permitted acquisitions or (ii) pay the related transaction costs for certain past acquisitions. However, if the borrower does not use such excess loan proceeds for a permitted purpose on or prior to the sixtieth day after the third amendment effective date, then pursuant to the terms of the third amendment, the borrower must repay the term loan in the amount of the unused excess loan proceeds. The third amendment contains customary representations and warranties applicable to the Company and its subsidiaries, including the borrower.

Aurora Diagnostics, LLC Enters into Second Amendment to Financing Agreement

On April 10, 2015, Aurora Diagnostics Holdings, LLC entered into a second amendment to its financing agreement dated as of July 31, 2014, as amended, restated, supplemented or otherwise modified from time to time, by and among Aurora Diagnostics, LLC, as borrower, the company and certain subsidiaries of the borrower parties thereto, as guarantors, the various lenders from time to time party thereto, as lenders, and Cerberus Business Finance, LLC, as administrative agent and collateral agent. The second amendment provides for a new senior secured credit facility comprised of a $40 million delayed draw term loan B facility. The delayed draw term loan B facility is available for drawing from the second amendment effective date through April 10, 2016, and the proceeds thereof must be used to pay the consideration for (and fees and expenses relating to) permitted acquisitions (or to refinance revolving borrowings or replenish cash on hand used to consummate permitted acquisitions). The new senior secured credit facility has a maturity of July 31, 2019 but is subject to a maturity date of October 14, 2017 to the extent the company’s existing bonds are not refinanced or the maturity thereof extended prior to such date. The new senior secured credit facility is subject to the same amortization schedule, prepayment premiums and mandatory prepayment events as the other existing loans under the financing agreement. Additionally, the new senior secured credit facility is guaranteed by the same guarantors as the other existing loans under the financing agreement and is secured by the same collateral on a pari passu basis with such existing loans. Interest on all loans under the financing agreement is payable either quarterly or at the expiration of any LIBOR interest period applicable thereto. From and after the second amendment effective date, borrowings under the financing agreement accrue interest at a per annum rate equal to, at the borrower’s option, a base rate plus 6.125% or a LIBOR rate plus 7.125%. The loans are also subject to a 1.25% interest rate floor for LIBOR loans and a 2.25% interest rate floor for base rate loans. The new senior secured credit facility is subject to a 2.25% per annum fee on the undrawn amount thereof, payable quarterly in arrears. The second amendment contains customary representations and warranties applicable to the company and its subsidiaries. The new senior secured credit facility is subject to the same representations and warranties, affirmative and negative covenants and events of default as the existing loans under the financing agreement. If an event of default occurs under the term loan, the lenders may, among other remedies, accelerate the repayment of amounts outstanding under the new senior secured credit facility.

Aurora Diagnostics Announces New Credit Facility

Aurora Diagnostics announced that it has entered into a new five-year credit facility with Cerberus Business Finance, LLC effective July 31, 2014. The new agreement includes a $165,000,000 term loan and a $30,000,000 revolving credit line, as well as a $25,000,000 delayed draw term loan facility. Approximately $145,600,000 of the proceeds under the new credit facility were used to pre-pay all amounts outstanding under Aurora’s existing secured credit facility term loan and revolver. The balance of the proceeds under the new credit facility, including the availability under the revolving line of credit, will be used for potential future acquisitions and for Aurora’s general working capital and operational needs.

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