Notice of Borrowing of Akumin Inc. to Stonepeak Magnet Holdings LP, dated November 29, 2023

EX-10.2 3 d644809dex102.htm EX-10.2 EX-10.2

Exhibit 10.2

NOTICE OF BORROWING

Stonepeak Magnet Holdings LP,

as DIP Lender

55 Hudson Yards

550 W. 34th Street – 48th Floor

New York, NY 1000

Attention: Rajiv Patel, James Wyper, Sarah Weissman

Ladies and Gentlemen:

This Notice of Borrowing is delivered to you pursuant to that (x) certain Summary of Proposed Terms and Conditions for DIP Financing and Use of Cash Collateral, dated as of November 20, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, including, if applicable, pursuant to the Final Order, the “DIP Term Sheet”), among Akumin Inc., a Delaware corporation, as a debtor and debtor-in-possession (the “DIP Borrower”), its affiliates signatory thereto as DIP Guarantors or thereafter designated as DIP Guarantors pursuant to the definitive DIP Documents, Stonepeak Magnet Holdings LP, in its capacity as lender under the DIP Facility (in such capacity, together with its successors and assigns in such capacity, the “DIP Lender”), (y) the Final Order approving the DIP Term Sheet and approving and granting the DIP liens to the DIP Lender to secure the DIP Obligations (Docket No. 258). Unless otherwise defined herein, capitalized terms used herein and defined in the DIP Term Sheet shall have the respective meanings provided in the DIP Term Sheet.

(1) The DIP Borrower hereby requests that on November 29, 2023 (the “Funding Date”), a portion of the DIP Facility Commitments under the DIP Facility be funded in the aggregate principal amount of Ten Million Dollars ($10,000,000) (the “Third DIP Loan”), with the proceeds thereof to be disbursed as provided for herein for the benefit of the DIP Borrower. The DIP Borrower hereby authorizes and directs the DIP Lender to wire transfer the proceeds of the Third DIP Loan in immediately available funds, pursuant to the wire transfer instructions specified below. Upon such wire transfer, such Third DIP Loan shall be deemed issued to the DIP Borrower under the DIP Facility and interest shall commence to accrue as specified in the DIP Term Sheet.

(2) Attached hereto as Exhibit A is the Approved Budget, which demonstrates the need for the Third DIP Loan requested hereby and shows the proposed use of such funds within the time period before the Milestone for entry of the Final Order;

(3) The DIP Borrower hereby acknowledges that the acceptance of the proceeds of the Third DIP Loan requested hereby constitutes a representation and warranty by the DIP Borrower, on behalf of itself and each DIP Guarantor, that, on the Funding Date (both immediately before and after giving effect thereto and to the application of the proceeds thereof), (A) there are no defaults or Events of Default under the DIP Term Sheet and (B) all the representations and warranties set forth in the DIP Term Sheet are true and correct.

(4) Please wire transfer the proceeds of the Third DIP Loan on behalf, and at the direction, of the DIP Borrower to the following account and financial institution:

 

Signature Page to Notice of Borrowing


Bank Name:    JPMorgan Chase
Bank Address:    New York, NY 10017
Account Name:    MOS – Medical Outsourcing Services, LLC
Account No.:    657585367
ABA Routing No.:    021000021
Attention:    Katy Kwok
SWIFT Code:    CHASUS33

(5) The DIP Borrower hereby represents and warrants that each of the conditions set forth in the DIP Term Sheet under the sections entitled “DIP Conditions Precedent” and “Conditions Precedent to All Credit Extensions” are or will be satisfied as of the Funding Date.

[Remainder of page left intentionally blank.]

 

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The DIP Borrower has caused the Notice of Borrowing to be executed and delivered as of the date first above written.

 

DIP BORROWER:
AKUMIN INC., a Delaware corporation
By:  

/s/ David Kretschmer

Name:   David Kretschmer
Title:   Chief Financial Officer

Signature Page to Notice of Borrowing


EXHIBIT A

Approved Budget

(See Attached)


Schedule 1

DIP Budget

 

Week Ending:

Week Num:

USD $000’s

   11/24/23
Week 1
Fcst.
    12/1/23
Week 2
Fcst.
    12/8/23
Week 3
Fcst.
    12/15/23
Week 4
Fcst.
    12/22/23
Week 5
Fcst.
    12/29/23
Week 6
Fcst.
    1/5/24
Week 7
Fcst.
    1/12/24
Week 8
Fcst.
    1/19/24
Week 9
Fcst.
    9-Week
Total Fcst.
 

Receipts:

                    

Receipts

   $ 5,972     $ 7,602     $ 5,879     $ 8,660     $ 10,416     $ 9,009     $ 10,216     $ 10,355     $ 10,246     $ 78,355  

JV Distributions/Reimbursements

     1,500       2,000       471       1,608       2,731       3,977       471       1,608       2,731       17,097  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Operating Receipts

     7,472       9,602       6,350       10,268       13,147       12,986       10,687       11,963       12,977       95,452  

Operating Disbursements:

                    

Payroll

     (8,544     (1,282     (8,521     (1,197     (8,694     (1,197     (8,711     (1,197     (8,711     (48,056

Operating Expenses

     (1,498     (12,214     (7,246     (3,448     (4,464     (5,092     (3,537     (3,753     (4,620     (45,872

Equipment Leases/Maintenance

     (875     (2,150     (2,077     —         (534     (375     (700     (1,377     (534     (8,623

Facility Leases

     (1,392     (1,630     —         (722     (107     (2,008     —         (722     (107     (6,687

Taxes

     —         (633     —         —         —         —         (399     —         —         (1,032

MedPort Payments

     —         (1,085     —         —         —         —         (1,500     —         —         (2,585

Ordinary Course Professionals

     —         —         (413     —         (500     —         —         —         —         (913
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Operating Disbursements

     (12,309     (18,994     (18,257     (5,368     (14,300     (8,672     (14,847     (7,049     (13,972     (113,768
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Cash Flow

     (4,838     (9,392     (11,906     4,900       (1,152     4,313       (4,159     4,914       (995     (18,316

Non-Operating Activities

                    

Debt Interest Payment / Fees

     —         —         —         —         —         —         —         —         —         —    

Capex

     —         (1,284     (795     —         —         —         —         —         —         (2,079

Restructuring Professionals

     —         —         (200     —         —         —         (130     —         —         (330

Utilities Adequate Assurance

     (9     —         —         —         —         —         —         —         —         (9

Other Restructuring Costs

     —         (229     —         —         —         —         —         —         —         (229
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Restructuring Costs

     (9     (1,513     (995     —         —         —         (130     —         —         (2,647
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Cash Flow

   $ (4,847   $ (10,905   $ (12,901   $ 4,900     $ (1,152   $ 4,313     $ (4,289   $ 4,914     $ (995   $ (20,963
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Unrestricted Cash:

                    

Beginning Book Balance

     16,380       11,533       10,628       10,726       15,626       14,474       18,787       14,498       19,412       16,380  

Net Cash Flow

     (4,847     (10,905     (12,901     4,900       (1,152     4,313       (4,289     4,914       (995     (20,963

RCF Draw / (Paydown)

     —         —         —         —         —         —         —         —         —         —    

DIP Term Loan Draw / (Paydown)

     —         10,000       13,000       —         —         —         —         —         —         23,000  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending Book Balance

     11,533       10,628       10,726       15,626       14,474       18,787       14,498       19,412       18,417       18,417  

DIP Beginning Balance

     75,000       75,000       85,000       98,000       98,000       98,000       98,000       98,000       98,000       75,000  

DIP Term Loan Draw / (Paydown)

     —         10,000       13,000       —         —         —         —         —         —         23,000  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

DIP Ending Balance

     75,000       85,000       98,000       98,000       98,000       98,000       98,000       98,000       98,000       98,000  

DIP Availability

     —         45,000       32,000       32,000       32,000       32,000       32,000       32,000       32,000       32,000  

 

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