RadNet starts tender offer, consent solicitation for 10 3/8% notes

New York, March 7 - RadNet, Inc. announced that it has begun a tender offer and consent solicitation for its $200 million of 10 3/8% senior secured notes due 2018.

The company is offering $1,056.88 per $1,000 principal amount of notes, which includes a $30.00 per $1,000 consent payment for notes tender by the consent deadline of 5 p.m. ET on March 20.

Under the consent solicitation, RadNet is seeking to modify the note indenture to eliminate or modify some restrictive covenants and other provisions.

Holders who tender after the consent deadline will not receive the consent payment. The offer ends at 11:59 p.m. ET on April 3.

RadNet will also pay accrued interest up to but excluding the settlement date.

The offer is subject to conditions include that RadNet complete a new debt financing. RadNet launched $210 million of term loans on Thursday.

Barclays Capital Inc. is dealer manager and solicitation agent (800 438-3242 or call collect 212 528-7581). The tender and information agent is D.F. King & Co., Inc. (800 578-5378, banks and brokers call 212 269-5550).

RadNet is a Los Angeles-based provider of diagnostic imaging services.

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