The private cancer care provider has refinanced its debt arrangements with a £140 million transaction funded by Pemberton Asset Management and Barclays.
Private cancer care provider GenesisCare has refinanced its current debt arrangements with private credit managers Pemberton Asset Management and Barclays.
“Our focus remains on expanding our network of world-class cancer care centres and delivering the highest possible standards of care to patients with a suspected or confirmed cancer diagnosis,” said GenesisCare’s chief executive in the UK and Europe Justin Hely.
The £140 million transaction provides GenesisCare UK with growth financing and working capital lines, and follows a successful restructuring of the global GenesisCare Group, which concluded in February.
It has been a tricky few years for the Australian company which was once valued at almost $2.5 billion and in June last year confirmed its Chapter 11 Plan of Reorganisation by the US Bankruptcy Court.
Earlier this year, the group emerged from Chapter 11 with new owners, a consortium of financiers led by Oaktree Capital Management in a debt-for-equity swap.
“GenesisCare has achieved the goals it set out at the beginning of its restructuring process,” said the group chief executive David Young. “We exit Chapter 11 with great businesses, each with a compelling future.”
The company received $56 million (£44.2 million) in financing from its new owners to ensure that each of its independent businesses is, what it calls, “well capitalised” and to support investment in the growth of its integrated oncology centres.
This now consists of GenesisCare Australia, GenesisCare US, GenesisCare UK and GenesisCare Spain. Each business will have its own governance structures, including a separate board of directors, and will be responsible for its own strategy, business priorities, and performance.
For the deal, Houlihan Lokey and White & Case advised GenesisCare in the UK, with diligence completed by EY and Candesic.
