RadNet lifts term B to $725 million, finalizes at Libor plus 325 bps

By Sara Rosenberg

New York, April 15 – RadNet Management Inc. upsized its seven-year term loan B to $725 million from $675 million and firmed pricing at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, according to a market source.

Furthermore, a pricing step-down to Libor plus 300 bps was added to the term loan at 3.5x total net leverage, the original issue discount was set at 99.5, the tight end of the 99 to 99.5 talk, and the 101 soft call protection was shortened to six months from one year, the source said.

The term loan still has a 0.75% Libor floor.

The company’s now $920 million of credit facilities, up from $870 million, also include a $195 million five-year revolver.

Barclays is the bookrunner and administrative agent on the deal.

Final commitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to refinance the company’s existing credit facilities and replenish balance sheet cash for general corporate purposes.

RadNet is a Los Angeles-based owner and operator of outpatient diagnostic imaging centers.

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