RadNet lifts term loan to $875 million, flexes to SOFR plus 250 bps

By Sara Rosenberg

New York, April 10 – RadNet Management Inc. upsized its seven-year term loan B to $875 million from $840 million and reduced pricing to SOFR plus 250 basis points from SOFR plus 275 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.25 from 99, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

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

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

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.

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

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