The Oncology Institute announces amendment to facility agreement

The Oncology Institute (TOI) announced an amendment to its existing facility agreement with funds affiliated with Deerfield Management Company as well as a partial paydown of the senior secured convertible notes. Under the amendment, Deerfield agreed to waive certain restrictions regarding the Company’s ability to offer and sell equity and removed the minimum cash covenant of $40 million. In connection with the amendment, the Company has paid down approximately $20 million of the senior secured convertible notes and accrued and unpaid interest thereon through the date of the amendment.