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21st Century Oncology 11% noteholders waive defaults through July 31
By Caroline Salls
Pittsburgh, July 22 –21st Century Oncology, Inc. reached an agreement with holders of a majority of the total principal amount of its 11% senior notes due 2023 to enter into a second supplemental indenture, which will provide a limited default waiver through July 31, according to an 8-K filed Friday with the Securities and Exchange Commission.
The defaults arose from 21st Century Oncology’s failure to furnish the trustee and noteholders or file with the SEC its 10-K for the year ended Dec. 31, 2015 or a 10-Q for the quarter ended March 31.
As consideration for the waiver, the company agreed to pay $2.30 per $1,000 principal amount of notes to all noteholders and to pay specified fees and expenses of the advisers to the consenting noteholders.
According to the 8-K, 21st Century Oncology expects to hold discussions with its credit agreement lenders and the noteholders regarding a further extension of its deadline for delivering the SEC reports, as well as the report for the quarter ended June 30 and a waiver of any related defaults.
21st Century Oncology is a Fort Myers, Fla.-based provider of integrated cancer care services.
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