Vantage Oncology gets needed consents to amend 9½% senior notes

By Marisa Wong

Morgantown, W.Va., March 29 – Vantage Oncology, LLC and Vantage Oncology Finance Co. announced that as of 5 p.m. ET on March 28 holders of $215,714,000 of 9½% senior secured notes due 2017 had tendered their notes and delivered their consents to some proposed amendments.

As previously reported, the companies are offering to purchase for cash any and all of their outstanding $300 million 9½% notes and are soliciting consents from noteholders 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.

On Tuesday the issuers said they obtained the needed consents to amend the indenture governing the 9½% notes and will enter into a supplemental indenture effecting the changes.

The issuers expect to settle the early tendered notes on April 1.

The early tender deadline had previously been extended from 5 p.m. ET on March 25.

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

Holders who tendered their notes and delivered 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.

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, which is expected to be completed on April 1. 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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