RadNet credit facility sized at $375 million launching Tuesday

By Sara Rosenberg

New York, March 15 - RadNet Inc.'s credit facility that it is launching on Tuesday is sized at $375 million, according to a news release.

The Tuesday bank meeting in New York is scheduled for a 12:30 p.m. ET registration and a 1 p.m. ET start time.

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

The facility consists of a $275 million six-year term loan and a $100 million five-year revolver that is expected to be undrawn at close, the release said.

Security is a first-priority interest in all of the company's tangible and intangible assets, including, but not limited to, a stock pledge of all of the its current and future wholly owned domestic subsidiaries.

Proceeds will be used to help refinance the company's existing revolver due 2011, term loan B due 2012 and second-lien loan due 2013.

Other funding for the refinancing will come from a $210 million senior unsecured notes offering. Completion of the credit facility is contingent on completion of the notes.

Closing is expected in early April.

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

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