September 26, 2017 1:22 PM ET

Healthcare Providers and Services

Company Overview of 21st Century Oncology Holdings, Inc.

Company Overview

21st Century Oncology Holdings, Inc., together with its subsidiaries, operates as a physician-led provider of integrated cancer care services. Its radiation treatment services include external beam therapies, such as conformal radiation therapy, intensity modulated radiation therapy, and stereotactic radiosurgery, as well as internal radiation therapies, such as high-dose and low-dose rate brachytherapies, and radiopharmaceutical therapy. The company’s radiation treatment services also comprise image guided radiation therapy, Gamma function testing, and respiratory gating. In addition, it offers support services in the areas of psychological and nutritional counseling, as well as transportat...

2270 Colonial Boulevard

Fort Myers, FL 33907

United States

Founded in 1983

Phone:

239-931-7254

Key Executives for 21st Century Oncology Holdings, Inc.

Chief Executive Officer
Age: 41
Co-Founder and Senior Physician
Age: 63
Interim Chief Financial Officer
Age: 41
CEO of Medical Developers Cooperatief U.A.B.V.,Vidt Centro Medico
Age: 57
Chief Medical Officer
Age: 47
Compensation as of Fiscal Year 2017.

21st Century Oncology Holdings, Inc. Key Developments

Motion for Asset Sale Approved for 21st Century Oncology Holdings, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of 21st Century Oncology Holdings, Inc. on September 6, 2017. The debtor has been authorized to sell its real property located at 1708 Cape Coral Parkway West, Suites 7 and 8, Cape Coral, FL 33914 to RJM-FLM, LLC for a purchase price of $0.34 million.

Reorganization Plan Filed by 21st Century Oncology Holdings, Inc.

21st Century Oncology Holdings, Inc. filed a plan of reorganization in the US Bankruptcy Court on July 14, 2017. As per the plan filed, Administrative Claims, DIP Claims of $75 million, Professional Claims, Priority Tax Claims and Statutory Fees will be paid in full. Holders of Other Secured Claim will either be paid in full or be reinstated. Other Priority Claims will be paid in full in cash. MDL Claims of $35 million will pro rata share of loans provided under the New MDL Term Loan Facility of $10 million and payment in full in cash of the unpaid portion. First Lien Claims shall receive loans provided under the New First Lien Term Loan Credit Facility and cash. Note Claims shall receive New Notes Rights, New Preferred Equity Rights and share of the New Common Stock Equity Pool. if General Unsecured Claim is less than or equal to $1 million and such holder has not properly made the New Common Stock Election or is greater than $1 million and such holder has properly made the Convenience Claim Election then they will receive share of Convenience Claim Distribution of $0.50 million. If General Unsecured Claim is more than $1 million and such holder has not properly made the Convenience Claim Election or is less than or equal to $1 million and such holder has properly made the New Common Stock Election, then they will receive Pro Rata share of the New Common Stock Equity Pool. Intercompany Claims and Intercompany Interests shall be canceled or reinstated as of the Effective Date at the option of debtors. Holders of any Section 510(b) Claims shall not receive any recovery on account of such claims. All Interests in 21CH shall be canceled as of the Effective Date or reinstated at the Debtors’ option. In the event that all Classes of Claims entitled to vote on the Plan vote to accept the Plan, there are no Allowed Section 510(b) Claims, and holders of Allowed Interests in 21CH and 21CI vote to accept the Plan, each holder of an Allowed Interest in 21CH shall receive, on the Effective Date Pro Rata share of the New Warrants. The plan will be funded from cash in hand, New MDL Term Loan Facility of $10 million, New First Lien Term Loan Credit Facility, New Domestic Revolving Credit Facility of $50 million, New Second Lien Notes of $200 million, New Preferred Equity Rights Offering of $88.24 million, common stock and rights offerings.

Final DIP Financing Approved for 21st Century Oncology Holdings, Inc.

The US Bankruptcy Court gave an order to 21st Century Oncology Holdings, Inc. to obtain DIP financing on final basis on June 20, 2017. As per the order, the debtor has been authorized to obtain a credit facility in the amount of $75 million from certain pre-petition lenders with Morgan Stanley Senior Funding, Inc. acting as the administrative agent. Prior to the termination of the RSA, the DIP loan would carry an interest rate of ABR plus 6.5% p.a, with floor of 2% p.a. in the case of ABR Loans and LIBOR plus 7.50% p.a. with a LIBOR Floor of 1% p.a. in the case of Eurodollar Loans. Upon the termination of the RSA, the DIP loan would carry an interest rate of ABR plus 7.25% p.a., with floor of 2% p.a. in the case of ABR Loans and LIBOR plus 8.25% p.a. with a LIBOR Floor of 1% p.a. in the case of Eurodollar Loans. The DIP loan would carry an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 0.75% p.a. The DIP Lenders shall receive from the Borrower OID payment in the aggregate amount of 2.00% of the Total DIP Commitments in case of termination of RSA and 1% upon the termination of RSA. The DIP facility would mature either on the date that is 180 days after the Closing Date. The maturity date can be extended by additional 90 days subject to the terms and conditions of the DIP Credit Agreement. The DIP Facility will be used to provide working capital, pay certain fees and expenses and for general corporate purposes of the Debtors during the Chapter 11 Cases. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $2.55 million towards unpaid professional fees and administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Cahill Gordon & Reindel LLP, Stroock & Stroock & Lavan LLP and Milbank, Tweed, Hadley & Mccloy LLP acted as legal counsels to the administrative agent.

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