RadNet Announces a Proposed Refinancing of its Term Loan and Revolving Credit Facility

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 business. While completion of the transaction is subject to customary market and other conditions, if successful, we expect to consummate the refinancing transaction this month.”

The terms and completion of any proposed refinancing transaction would be subject to negotiations with lenders, as well as market and other conditions. Accordingly, RadNet cannot provide any assurance that it will complete a refinancing transaction on terms that are favorable to RadNet or its investors.

About RadNet, Inc.

RadNet, Inc., is the leading national provider of freestanding, fixed-site diagnostic imaging services and related information technology solutions (including artificial intelligence) in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 366 owned and/or operated outpatient imaging centers. RadNet’s markets include Arizona, California, Delaware, Florida, Maryland, New Jersey and New York. Together with affiliated radiologists, inclusive of full-time and per diem employees and technologists, RadNet has a total of over 9,700 employees. For more information, visit http://www.radnet.com.