RadNet Announces a Proposed Refinancing Transaction for its $611 Million Senior Secured Term Loan and $195 Million Senior Secured Revolving Credit Facility

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April 6, 2021

RadNet, Inc. a provider of high-quality, cost-effective diagnostic imaging services through a network of owned and/or operated outpatient imaging centers, today announced a proposed refinancing transaction for its existing senior secured first-lien term loan, which had a balance of $611 million as of December 31, 2020, and its $195 million senior secured revolving credit facility, which was undrawn as of year-end 2020.

RadNet seeks to replace these facilities with a proposed seven-year $675 million senior secured term loan B facility and a five-year $195 million senior secured first-lien revolving credit facility. In addition to repaying the existing $611 million senior secured first-lien term loan, the proceeds are expected to pay estimated fees and expenses and fund cash to the Company’s balance sheet.

The proposed refinancing transaction would be subject to negotiations with lenders and market and other conditions. As such, there can be no assurance that the company will complete a refinancing transaction on terms that are favorable to RadNet or its investors. RadNet may engage from time to time in discussions with creditors of RadNet, as well as their respective advisors, as RadNet pursues the potential refinancing transaction.

Mark Stolper, Executive Vice President and Chief Financial Officer said, commented, “We have publicly discussed in recent quarters the possibility of extending the maturity of our debt capital, lowering our cost of capital, and provide the Company further operating flexibility through refinancing our current senior secured debt.”

He concluded, “After having consulted with our financial advisors, we expect to launch a refinancing transaction designed to replace our current senior secured first-lien term loan and revolving credit facility with similar debt facilities, subject to market and other conditions, extend current maturities and fund an additional cash balance which we can use to further grow our business. If successful, we currently expect to consummate a transaction this month.”

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