RadNet Pulls Refinancing
RadNet (RDNT) pulled its debt refinancing as credit markets continue to seize up.
The Los Angeles-based operator of outpatient diagnostic imaging service centers said the $445 million refinancing, lined up last month, will be replaced by an incremental $35 million addition to its existing credit facilities. GE Healthcare Financial Services will provide the company with $25 million as part of a first-lien term loan and $10 million more revolving credit capacity.
"The incremental term loan and revolver capacity will provide us additional liquidity to capitalize on opportunities we believe lie ahead," the company said. "Our original refinancing transaction was an elective one, and was intended to provide us with better pricing than that of our existing credit facilities. We continue to believe we will be able to refinance our current facilities on more attractive terms in the future when the credit markets improve. However, we are very pleased that this incremental capital will provide us with the ability to accomplish our growth plans in the near term."
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