RadNet Announces Closing of its Previously Announced Term Loan and Revolving Credit Facility Refinancing Transaction
18 April 2024 - 10:05PM
RadNet, Inc. (NASDAQ: RDNT), a national leader in
providing high-quality, cost-effective, fixed-site outpatient
diagnostic imaging services, today announced the successful closing
of the previously announced refinancing of its senior secured first
lien term loan facility and senior secured revolving credit
facility pursuant to the terms of a Third Amended and Restated
First Lien Credit and Guaranty Agreement (the “Third Amended and
Restated Credit Agreement”).
The Third Amended and Restated Credit Agreement
provides for an $875,000,000 senior secured first lien term loan
and a $282,000,000 senior secured revolving credit facility. The
interest rate on the term loan is either, at the election of
RadNet, (i) Term SOFR (with a floor of 0%) plus 2.50% or (ii) the
prime rate (with a floor of 0%) plus 1.50%, and the maturity date
is April 18, 2031 for the term loan. The interest rate on the
revolving credit facility is initially, at the election of RadNet,
(i) Term SOFR (with a floor of 0%) plus 3.00% or (ii) the prime
rate (with a floor of 0%) plus 2.00% (with step-downs based on
attainment of certain first lien net leverage ratio benchmarks),
and the maturity date is April 18, 2029 for the revolving credit
facility.
The proceeds of the term loans under the Third
Amended and Restated Credit Agreement were used to refinance the
$679 million term loans outstanding under the prior agreement (as
of December 31, 2023) as well as accrued interest under the
previously existing facilities through closing, to pay fees and
expenses related to the transaction, and to fund approximately $168
million (after giving effect to the payment of approximately $12.6
million of accrued interest under the previously existing
facilities) to RadNet’s balance sheet.
RadNet’s wholly-owned subsidiary, Radnet
Management, Inc. is the borrower under the Third Amended and
Restated Credit Agreement. The borrower’s obligations under the
Third Amended and Restated Credit Agreement are guaranteed by
RadNet, and substantially all of the borrower’s current and future
wholly-owned domestic subsidiaries and certain of its affiliates.
With certain exceptions, the obligations are secured by
substantially all of the assets of the borrower, RadNet and such
subsidiaries and affiliates.
Barclays Bank PLC, Banco Santander, S.A., New
York Branch, Capital One, National Association, J.P. Morgan Chase
Bank, N.A. Mizuho Bank Ltd. Truist Securities, Inc. and Wells Fargo
Securities, LLC acted as joint bookrunners and joint lead arrangers
in the transaction.
About RadNet, Inc.
RadNet, Inc., is the leading national provider
of freestanding, fixed-site diagnostic imaging services and related
information technology solutions (including artificial
intelligence) in the United States based on the number of locations
and annual imaging revenue. RadNet has a network of 366 owned
and/or operated outpatient imaging centers. RadNet’s markets
include Arizona, California, Delaware, Florida, Maryland, New
Jersey, New York and Texas. Together with affiliated radiologists,
inclusive of full-time and per diem employees and technologists,
RadNet has a total of over 9,700 employees. For more information,
visit http://www.radnet.com.
Contact:RadNet,
Inc.Mark Stolper,
310-445-2800Executive Vice President and Chief
Financial Officer
RadNet (NASDAQ:RDNT)
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