GenesisCare: The Lowdown on a Possible Drop-Down

Global oncology services provider GenesisCare has been hitting the headlines this year for all the wrong reasons. Most recently, it was reported that the group’s net leverage reached 40x at the end of September. GenesisCare’s struggles have come about despite shareholder support, on the back of its ill-fated acquisition of U.S.-based 21st Century Oncology. Against the backdrop of a potential restructuring, investors have also been concerned about an “Envision” style new money transaction that could prime existing lenders. Reorg EMEA Covenants has conducted an analysis of the senior facilities agreement terms to analyze whether such a transaction could be possible and, if so, how GenesisCare might go about it. Request access to our analysis HERE. Please send the latest senior facilities agreement and also the latest lender update presentation (FY 2022 + Q1 FY2023) to confirm you are confidential on the name.