RadNet Expands its Revolving Credit Facility to $195 million
RadNet announced an amendment to its senior secured first lien credit agreement, increasing revolving commitments by $57.5 million.
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Rhea-AI Summary
RadNet announced an amendment to its senior secured first lien credit agreement, increasing revolving commitments by $57.5 million. This brings the total revolving credit facility to $195.0 million, along with $630.4 million in first lien term loans. Both facilities mature on July 1, 2023. RadNet's CFO, Mark Stolper, emphasized that this enhancement boosts financial flexibility and supports strategic growth, with a strong cash balance of $84.5 million as of June 30, 2020. The amendment was supported by major banks including Barclays and JPMorgan Chase.
Positive
- Increased revolving credit commitments by $57.5 million, enhancing financial flexibility.
- Strong cash balance of $84.5 million as of June 30, 2020, positioning for strategic growth.
- Support from prominent lenders like Barclays and JPMorgan Chase.
Negative
- None.
Details
News Market Reaction – RDNT
The recorded move for RDNT in the trading session of this news was -3.55%.
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LOS ANGELES, Aug. 31, 2020 (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 332 owned and/or operated outpatient imaging centers, today announced the amendment of its senior secured first lien credit agreement to increase the amount of the revolving commitments thereunder by
RadNet’s senior secured first lien credit facilities now consist of an aggregate of a
“We are very pleased to have been able to increase our senior secured first lien credit facilities at this time,” said Mark Stolper, Executive Vice President and Chief Financial Officer of RadNet. “While our cash balance is strong (
The borrower under the first lien credit facilities is RadNet’s wholly owned subsidiary, Radnet Management, Inc. The obligations of the borrower under the first lien credit facilities are guaranteed by RadNet, all of the borrower’s current and future wholly-owned domestic subsidiaries and certain of its affiliates. With certain exceptions, the obligations of the borrower and the guarantors under the first lien credit facilities are secured by substantially all of the assets of the borrower and guarantors.
Barclays Bank PLC, Truist Bank (as successor by merger to SunTrust Bank), JPMorgan Chase Bank, N.A., Capital One, National Association and Royal Bank of Canada increased their commitments pursuant to this amendment.
About RadNet, Inc.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 332 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey and New York. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 8,600 employees. For more information, visit http://www.radnet.com.
CONTACTS:
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer
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