RadNet finalizes $485 million term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, June 21 – RadNet Management Inc. firmed pricing on its $485 million seven-year term loan B at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The term loan B still has a 1% Libor floor, an original issue discount of 99, 101 soft call protection for six months, and maximum leverage and maximum capital expenditures covenants.

The company’s $585 million credit facility also includes a $100 million five-year revolver.

Barclays, SunTrust Robinson Humphrey Inc., Capital One, Credit Suisse Securities (USA) LLC and RBC Capital Markets are the bookrunners on the deal.

Proceeds will be used to refinance an existing $444.8 million first-lien term loan, to pay down any outstanding revolving credit facility borrowings, which were $16.3 million at March 31, and to repay a portion of an existing $180 million second-lien term loan.

Closing is expected this month.

Net first-lien leverage is 3.5 times and net total leverage is 4.8 times.

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.