RDNT - RadNet Announces a Proposed Refinancing of its Term Loan and Revolving Credit Facility | Benzinga
LOS ANGELES, April 03, 2024 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services, today announced a proposed refinancing transaction for its existing term loan and revolving credit facility.
At December 31, 2023, the debt facilities that RadNet intends to refinance included a $679 million term loan balance due April of 2028 and an undrawn $195 million revolving credit facility maturing April of 2026. RadNet is seeking to replace these facilities with a proposed $840 million term loan with a maturity of seven years and $250 million revolving credit facility with a five year term. In addition to repaying the existing term loan, RadNet expects to use the proceeds from any refinancing transaction to pay fees and expenses of the transaction and to fund an additional approximately $148 million of cash to its balance sheet for growth opportunities and general corporate purposes.
Mark Stolper, Executive Vice President and Chief Financial Officer of RadNet, commented, "Our recent strong operating results, successful public offering, and upgrade of our corporate credit rating 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 ...