LOS ANGELES, Sept. 18, 2012 (GLOBE NEWSWIRE) -- RadNet, Inc. (Nasdaq:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 237 owned and operated outpatient imaging centers, today announced that it has begun a process to refinance its existing term loan and revolving credit facility under which, as of June 30, 2012, it had approximately $338.1 million of total debt outstanding, consisting of $278.6 million of senior secured term debt and $59.5 million outstanding under its senior secured revolving credit facility.
Under the contemplated refinancing transaction, the term loan portion of this existing debt and a portion of the existing balance outstanding under the revolving credit facility would be prepaid from up to $330 million of new secured term loans. Additionally, as part of the new senior secured credit facilities, the Company is targeting a new secured revolving credit facility of between $100.0 and$125.0 million.
In connection with the marketing of the proposed new senior secured term loan and revolving credit facility, RadNet releases the following reconciliation of trailing 12 month Adjusted EBITDA (1) as of June 30, 2012 (as previously reported) to trailing 12 month Pro Forma Adjusted EBITDA (1), which incorporates certain adjustments to previously reported Adjusted EBITDA (1) related to events that have taken place within the last twelve months.
|($ in Thousands)|
|Adjusted EBITDA (1) As Reported for the Six Month Period Ended June 30 , 2012 (a)||$ 60,455|
|Plus Adjusted EBITDA (1) As Reported for the 12 Month Period Ended December 31, 2011 (b)||115,516|
|Less Adjusted EBITDA (1) As Reported for the Six Month Period Ended June 30, 2011 (a)||56,198|
|Trailing 12 Month Adjusted EBITDA (1) As Reported||119,773|
|Plus Pro Forma Addback for Acquisitions Completed in the Last 12 Months||5,338|
|Plus Pro Forma Addback for the Buyout of Operating Leases Completed in the Last 12 Months||2,210|
|Trailing 12 Month Pro Forma Adjusted EBITDA||$ 127,321|