RadNet launches $100 million incremental term loan B at 99.15 OID

By Sara Rosenberg

New York, April 4 – RadNet Management Inc. launched on Thursday its fungible $100 million incremental term loan B due June 30, 2023 with original issue discount talk of 99.15, according to a market source.

Pricing on the incremental term loan is Libor plus 375 basis points, based on the company’s first-lien leverage ratio, with a 1% Libor floor, the source said.

Barclays is the bookrunner on the deal.

Commitments are due at 5 p.m. ET on April 11, the source added.

Proceeds will be used to repay revolving credit facility borrowings, fund cash to the balance sheet for potential future acquisitions and pay related fees and expenses.

In addition, the company is seeking an amendment that would allow for increased flexibility for future strategic alternatives.

Lenders are being offered a 25 bps consent fee.

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

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