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Moody's assigns RadNet loan Caa1
Moody's Investors Service said it assigned a Caa1 rating to RadNet Management, Inc.'s proposed $180 million second-lien term loan.
Concurrently, the agency affirmed all existing ratings, including the company's B2 corporate family rating, B2-PD probability of default rating, the Ba3 rating on the $101.25 million revolving credit facility and the Ba3 rating on the proposed upsized ($30 million add-on to $415 million) first-lien term loan. The Caa1 rating on the 10 3/8% senior unsecured notes was also affirmed and will be withdrawn following its successful repayment at the close of the transaction.
Additionally, the speculative grade liquidity rating was affirmed at SGL-2 and the outlook remains stable.
Proceeds from the proposed second-lien term loan and $30 million add-on of the first-lien term loan, along with roughly $7.7 million of balance sheet cash, are expected to be applied toward refinancing the existing $200 million 10 3/8% senior unsecured notes at the call premium of $105.188, as well as pay related fees and expenses.
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