RadNet readies launch of $840 million term loan B for Thursday

By Sara Rosenberg

New York, April 3 – RadNet Management Inc. is scheduled to hold a lender call at 10 a.m. ET on Thursday to launch an $840 million seven-year term loan B, according to a market source.

Barclays is the lead on the deal and the administrative agent.

The term loan has 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on April 11.

Proceeds will be used to repay the company’s existing $679 million term loan B, to pay related fees and expenses and to fund cash to the balance sheet for general corporate purposes.

The company also plans on getting a $250 million five-year revolving credit facility to replace its existing undrawn $195 million revolver due April 2026.

“Our recent strong operating results, successful public offering, and upgrade of our corporate credit ratings have substantially lowered our leverage and improved our access to capital. We believe this enables us to opportunistically and proactively refinance our facilities to extend maturities, lower our cost of capital and raise additional funds to support the future growth of our business. While completion of the transaction is subject to customary market and other conditions, if successful, we expect to consummate the refinancing transaction this month,” Mark Stolper, RadNet’s executive vice president and chief financial officer, said in a news release.

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

© 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.