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RadNet Announces Its Intention To Re-Price Its Senior Secured Term Loan And Raise An Additional $40 Million

Stocks in this article: RDNT

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

(1) The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events that have taken place during the period.

Adjusted EBITDA and Pro Forma Adjusted EBITDA are reconciled to its nearest comparable GAAP financial measure. Adjusted EBITDA and Pro Forma Adjusted EBITDA are non-GAAP financial measures used as analytical indicators by RadNet management and the healthcare industry to assess business performance, and are measures of leverage capacity and ability to service debt. Neither Adjusted EBITDA nor Pro Forma Adjusted EBITDA should be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA and Pro Forma Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA and Pro Forma Adjusted EBITDA are not measurements determined in accordance with GAAP and are therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

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