GenesisCare Unlocks US$200 Million in New Financing to Continue Strong Australia Growth Trajectory
Company to Focus on Meeting Obligations to Vendors, Customers, Doctors, Employees and Patients
GenesisCare Expanding Footprint in Australia to Meet Growing Demand
SYDNEY—June 5, 2023--GenesisCare (or the “Company”), a leading integrated cancer care provider, announced that as part of its restructuring process, it has received access to new funding to operate its business through a financing facility provided by its largest lenders, including funds managed by Oaktree Capital Management, L.P., (“Oaktree”), Bain Capital, LP, Avenue Capital Group, Canyon Partners and Challenger Investment Management.
GenesisCare’s access to this previously announced financing, along with other approvals, will allow the company to continue its operations in the ordinary course during the restructuring process, including paying wages and benefits to doctors and employees, providing patient care as usual and making all payments to vendors in Australia. Vendors and suppliers can also expect prompt payments going forward, consistent with established payment terms.
“The new financing to which GenesisCare has gained access represents a significant vote of confidence in our business and an investment in the people who run it, including here in Australia,” said David Young, Chief Executive Officer of GenesisCare. “I was pleased to hear comments of parties in the restructuring process emphasise the importance of our doctors and our broader team to both the success of our company and the patients we serve, and, in turn, the importance of our efforts to maintain employee wages and benefits during this process.”
GenesisCare’s prospects in Australia are strong, with the Company playing a critical role in the nation’s healthcare system. Today, GenesisCare treats 40 per cent of the nation’s radiotherapy patients, equating to over 30,000 patients annually.
Said Richard Lizzio, Executive Manager, Oncology Australia, “GenesisCare is a critical piece of Australia’s healthcare system, currently treating over 1,900 patients daily across our 41 sites We are treating a record number of patients in Australia, and we see even more pent-up demand going forward. To meet this demand, we opened two new centres during May, in Albany, WA and Bella Vista, NSW, and we have two additional centres nearing completion and slated to open within a few months. Construction has either commenced or about to commence on three additional centres.”
Byron Beath, Managing Director at Oaktree, one of the largest lenders to the Company, said: “GenesisCare provides world class cancer care delivered by best-in-class doctors making it the pre-eminent cancer treatment provider for Australian communities. It provides over 40 per cent of all radiation therapy cancer treatments nationally. To support the highest levels of continued patient care and deliver new investments in patient access, GenesisCare’s largest lenders, provided it with a US$200 million (A$312 million) capital injection into the business. We are confident in the underlying business and the world class care provided by GenesisCare’s doctors. Oaktree and its investment partners look forward to working alongside the company to support continuity of patient care, long-term doctor alignment, and a right-sizing of its balance sheet.”
One of the world's largest integrated oncology networks, GenesisCare includes 300+ locations in the US, the UK, Australia and Spain. With investments in advanced technology and expanded access to clinical trials, more than 5,500 highly trained GenesisCare physicians and support staff offer comprehensive, coordinated care in radiation oncology, medical oncology, haematology, urology, diagnostics, and surgical oncology. For more information, visit genesiscare.com
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