RadNet obtains needed consents to amend 10 3/8% notes due 2018

By Jennifer Chiou

New York, March 25 - RadNet, Inc. announced that it received tenders and consents from holders of $193,464,000, or 96.73%, of its $200 million of 10 3/8% senior secured notes due 2018 by 5 p.m. ET on March 20, the consent deadline.

The company said that it entered into a supplemental indenture, which eliminated or modified certain restrictive covenants, certain events of default and other provisions.

As reported, the company is offering $1,056.88 per $1,000 principal amount of notes, which includes a $30.00 per $1,000 consent payment for notes tender by the consent deadline.

Holders who tender after the consent deadline will not receive the consent payment. The offer ends at 11:59 p.m. ET on April 3.

RadNet will also pay accrued interest up to but excluding the settlement date.

The offer is subject to conditions including that RadNet complete a new debt financing. RadNet previously launched $210 million of term loans.

Barclays is dealer manager and solicitation agent (800 438-3242 or call collect 212 528-7581). The tender and information agent is D.F. King & Co., Inc. (800 578-5378, banks and brokers call 212 269-5550).

RadNet is a Los Angeles-based provider of diagnostic imaging services.

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