Radiation Therapy downsizes revolver and gets $90 million term loan

By Sara Rosenberg

New York, Aug. 29 - Radiation Therapy Services Holdings Inc. amended its revolving credit facility, reducing the size to $100 million from $140 million, converting $40 million of revolver loans into new term loans and getting another $50 million of term loan debt, according to a news release.

Also, the amendment removed the first-lien debt to EBITDA covenant of 1.25 times and replaced it with a minimum liquidity requirement of $15 million.

Both the revolver and term loan mature on Oct. 15, 2016.

Proceeds from the term loan will provide liquidity following the purchase of OnCure Holdings Inc., which is expected to close in October.

Wells Fargo is the administrative agent on the deal and was a joint lead arranger with SunTrust Bank and Morgan Stanley.

Radiation Therapy is a Fort Myers, Fla.-based provider of advanced radiation therapy and other services to cancer patients.

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