Vantage Oncology pushes early tender cutoff for 9½% notes to March 28

By Wendy Van Sickle

Columbus, Ohio, March 24 – Vantage Oncology, LLC and Vantage Oncology Finance Co. pushed back the early tender expiration in their offer to purchase for cash any and all of their outstanding $300 million 9½% senior secured notes due 2017.

The early tender deadline is now 5 p.m. ET on March 28, extended from 5 p.m. ET on March 25, according to a company press release.

The deadline for holders to withdraw tendered notes remains 5 p.m. ET on March 25.

The tender offer is scheduled to expire at midnight ET on April 8.

As previously reported, the issuers are also soliciting consents from holders of the notes to amend the indenture governing the notes. The proposed changes would, among other things, eliminate substantially all of the restrictive covenants and release the collateral securing the notes.

Holders who tender their notes and deliver their consents by the early tender time will be eligible to receive the total consideration, which will be calculated based on a fixed spread pricing formula and will include a consent payment of $30 per $1,000 principal amount.

The early settlement date is expected to be April 1.

Holders who tender their notes after the early tender date will receive the tender offer consideration, which will be the total consideration less the consent payment.

The issuers will also pay accrued interest up to, but not including, the applicable payment date.

The tender offer and consent solicitation are being conducted in connection with McKesson Corp.’s planned acquisition of Vantage Oncology. The tender offer and consent solicitation are conditioned on, among other things, the closing of the acquisition. However, the completion of the tender offer and consent solicitation is not a condition to the consummation of the acquisition.

Wells Fargo Bank, NA (800 344-5128) is the tender agent and consent solicitation agent.

Based in Manhattan Beach, Calif., Vantage is a provider of radiation oncology, medical oncology and other value-based integrated cancer care services.

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