RadNet, Inc. RDNT, a
national leader in providing high-quality, cost-effective, fixed-site
outpatient diagnostic imaging services through a network of 246 owned and
operated outpatient imaging centers, today announced that it completed the
previously announced process to re-price its existing senior secured term loan
under which, as of the closing of this transaction, RadNet had approximately
$348.3 million aggregate principal amount outstanding.
Additionally, as part of this transaction, RadNet raised an additional $40
million under the same senior secured term loan facility ("Incremental Term
Loan"). Proceeds from the Incremental Term Loan were used to repay certain
amounts outstanding under RadNet's revolving credit facility and to fund fees
and expenses.
Under the terms of the re-pricing, the spread above LIBOR of RadNet's senior
secured term loan has decreased by 1.0%, from 4.25% to 3.25%. Additionally,
prior to the re-pricing transaction, the LIBOR rate underlying the senior
secured term loan was subject to a floor of 1.25%. Under the terms of the
re-pricing, the LIBOR floor has been reduced by 0.25%, to 1.00%.
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