LOS ANGELES, March 20, 2013 (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 246 owned and operated outpatient imaging centers, today announced that it has begun a process to re-price its existing senior secured term loan under which, as of December 31, 2012, RadNet had approximately $349.1 million aggregate principal amount outstanding.
Additionally, as part of this transaction, RadNet is seeking to raise an additional $40 million under the same senior term loan ("Incremental Term Loan"). Proceeds from the Incremental Term Loan will be used to repay the existing amount outstanding under the revolving credit facility (which at December 31, 2012 was $33 million) and to fund fees, expenses and working capital.
RadNet intends to complete the transaction in April, 2013. However, there can be no assurance that RadNet will be able to complete the transaction on commercially reasonable terms or at all. Any such transaction is subject to market and customary closing conditions.In connection with the marketing of the proposed re-pricing and Incremental Term Loan, RadNet releases the following reconciliation of trailing twelve month Adjusted EBITDA (1) to trailing twelve month Pro Forma Adjusted EBITDA (1), which incorporates certain adjustments related to events that have taken place within the last twelve months.
|($ in Thousands)|
|Trailing 12 Month Adjusted EBITDA (1) As Reported (2)||$113,602|
|Pro Forma Adjustment for Acquisitions Completed in the Last 12 Months||9,090|
|Pro Forma Adjustment for the Buyout of Operating Leases Completed in the Last 12 Months||610|
|Adjustment for Loss of Business Associated with Hurricane Sandy||3,500|
|Adjustment for Salary Expense Paid in Q4 in Lieu of Future Salary Increases||1,000|
|Trailing 12 Month Pro Forma Adjusted EBITDA (1)||$127,802|