RadNet lifts term loan B to $350 million, sets Libor spread at 425 bps

By Sara Rosenberg

New York, Oct. 4 - RadNet Inc. upsized its six-year term loan B to $350 million from $330 million and set pricing at Libor plus 425 basis points, the tight end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The 1.25% Libor floor, original issue discount of 99 and 101 soft call protection for one year were left unchanged.

The company's now $451.25 million senior secured credit facility (Ba3/B+), up from $431.25 million, also includes a $101.25 million five-year revolver.

Recommitments were due by 5 p.m. ET on Thursday.

Allocations may go out as early as Friday, the source added.

Barclays, GE Capital Markets, RBC Capital Markets LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used to refinance an existing senior secured credit facility.

Senior secured leverage is 2.9 times, and total leverage is 4.4 times.

RadNet is a Los Angeles-based owner and operator of fixed-site diagnostic imaging centers.

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