RadNet likely to price $210 million eight-year notes at end of week

By Paul Deckelman

New York, March 22 - RadNet Inc. is likely to price its $210 million offering of eight-year senior notes towards the end of the week, according to a market source.

The company formally announced plans for the deal on Monday, after previously indicating that it would bring the deal as part of a larger overall refinancing effort.

A market source said the deal would roadshow this week.

Deutsche Bank Securities Inc. is the left bookrunner for the Rule 144A deal, which is being sold with registration rights. Barclays Capital Inc., RBC Capital Markets Corp. and Jefferies & Co. are the joint bookrunners.

The notes come with four years of call protection and a provision for a change-of-control put at 101% of principal plus accrued interest.

RadNet, a Los Angeles-based provider of outpatient diagnostic imaging services, said on March 15 that it would undertake a $585 million debt refinancing program, which would include the $210 million note offering, but gave no other details at that time. It said on Monday that proceeds from the bond issue, along with borrowings under the new credit facilities that are a part of the refinancing plan, would be used to refinance its existing credit facilities, fund its previously announced acquisitions and pay related fees and expenses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.