Radiation Therapy completes new $100 million term B

New York, Dec. 16 - Radiation Therapy Services Inc. completed a new $100 million seven-year term loan B s, according to a company news release.

The new term loan B will carry an interest rate of Libor plus 200 basis points, higher than the Libor plus 175 bps originally expected. The rate can step down to 175 bps after six months if leverage drops below 2:1.

The $100 million loan has a $50 million accordion feature and matures on Dec. 31, 2012.

Proceeds from the term loan B will be used to pay off the existing term loan A and all borrowings drawn on the revolver, resulting in a $62 million increase in availability under the combined facilities.

Participants in the term loan B include institutional investors as well as the company's existing senior bank group.

Bank of America, Wachovia Bank, Fifth Third Bank, SunTrust Bank, Regions Bank, National City Bank, Carolina First Bank and International Bank of Miami make up the existing lending group, and, with this transaction, LaSalle Bank was added to the syndicate.

Radiation Therapy is a Fort Myers, Fla., operator of radiation treatment centers.

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