This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

RadNet Announces The Closing Of The Previously Announced Refinancing Of Its Senior Secured Credit Facilities

Stocks in this article: RDNT

LOS ANGELES, Oct. 10, 2012 (GLOBE NEWSWIRE) -- RadNet, Inc. (Nasdaq:RDNT), (the "Company"), a national leader in providing high-quality, fixed-site outpatient diagnostic imaging services through a network of 237 imaging centers, today announced the closing of the previously announced refinancing of its senior secured credit facilities for an aggregate of $451.25 million. The refinancing includes a new credit agreement providing for a $350 million senior secured term loan due on October 10, 2018 (or October 1, 2017 if the Company's 10-3/8% senior notes due 2018 have not been refinanced by such date) and a $101.25 million senior secured revolving credit facility due on October 10, 2017 (or October 1, 2017 if the Company's 10-3/8% senior notes due 2018 have not been refinanced by such date).

The $350 million term loan and the $101.25 million revolving credit facility are floating rate facilities, and the Borrower may request the interest rate be based upon LIBOR (subject to a 1.25% LIBOR floor for the term loan) plus an applicable margin of 4.25%.

The proceeds of the new credit facilities are being used to repay the Company's existing senior secured term loan in full, to repay a portion of the outstanding loans under the Company's existing senior secured revolving credit facility and certain other indebtedness, to pay fees and expenses related to the transaction and for general corporate purposes.

"We are very pleased to have been able to refinance our senior secured credit facility on such favorable terms," said Dr. Howard Berger, President and Chief Executive Officer of RadNet. "While we are pleased that the annual interest cost of these facilities is less than that of the old facilities, we are most excited that this financing positions us more effectively to execute our future strategic and growth plans. By completing this transaction, we were able to successfully extend the maturities of the senior portion of our capital structure and provide for significantly enhanced operating flexibility. We are gratified by the successful reception we received in the debt capital markets, and we remain energized and confident about our Company's position in the imaging marketplace and our overall operating model."

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs