RadNet receives no additional tenders for 10 3/8% notes by offer's end

By Marisa Wong

Madison, Wis., April 4 - RadNet, Inc. announced the expiration of the cash tender offer for any and all of its outstanding $200 million of 10 3/8% senior notes due 2018 and the related solicitation of consents to amend the indenture governing the notes. The tender offer expired at 11:59 p.m. ET on April 3.

As previously announced, the company made a cash payment on March 25 for all notes tendered by 5 p.m. ET on March 20, the consent payment deadline.

As of the consent payment deadline, the company had received tenders and consents for $193,464,000, or 96.73%, of the outstanding notes, all of which were accepted for purchase.

Between the consent payment deadline and the expiration date, the company received no additional tenders, according to a Friday press release.

The total consideration for each $1,000 principal amount of notes tendered and accepted for purchase on March 25 was $1,056.88, which included a $30.00 consent payment.

In addition, holders received accrued interest to, but not including, the settlement date.

As of the consent payment deadline, the company also received the required consents to amend the indenture governing its notes.

On March 21, the company and U.S. Bank NA as trustee entered into a supplemental indenture, which eliminated or modified some restrictive covenants and eliminated or modified some events of default and other provisions contained in the indenture governing the notes. The supplemental indenture became operative upon settlement of the early tendered notes.

A total of $6,536,000 principal amount of the notes remained outstanding at the expiration date. As previously announced, the company called for redemption all of its remaining notes not purchased by the expiration of the tender offer.

The outstanding notes will be redeemed on April 24 at 105.188 plus accrued interest up to but excluding the redemption date.

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

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