RadNet Announces a Proposed Refinancing of its Term Loan and Revolving Credit Facility
2024年4月3日 - 7:00PM
RadNet, Inc. (NASDAQ: RDNT), a national leader in
providing high-quality, cost-effective, fixed-site outpatient
diagnostic imaging services, today announced a proposed refinancing
transaction for its existing term loan and revolving credit
facility.
At December 31, 2023, the debt facilities that
RadNet intends to refinance included a $679 million term loan
balance due April of 2028 and an undrawn $195 million revolving
credit facility maturing April of 2026. RadNet is seeking to
replace these facilities with a proposed $840 million term loan
with a maturity of seven years and $250 million revolving credit
facility with a five year term. In addition to repaying the
existing term loan, RadNet expects to use the proceeds from any
refinancing transaction to pay fees and expenses of the transaction
and to fund an additional approximately $148 million of cash to its
balance sheet for growth opportunities and general corporate
purposes.
Mark Stolper, Executive Vice President and Chief
Financial Officer of RadNet, commented, “Our recent strong
operating results, successful public offering, and upgrade of our
corporate credit rating have substantially lowered our leverage and
improved our access to capital. We believe this enables us to
opportunistically and proactively refinance our facilities to
extend maturities, lower our cost of capital and raise additional
funds to support the future growth of our business. While
completion of the transaction is subject to customary market and
other conditions, if successful, we expect to consummate the
refinancing transaction this month.”
The terms and completion of any proposed
refinancing transaction would be subject to negotiations with
lenders, as well as market and other conditions. Accordingly,
RadNet cannot provide any assurance that it will complete a
refinancing transaction on terms that are favorable to RadNet or
its investors.
About RadNet, Inc.
RadNet, Inc., is the leading national provider
of freestanding, fixed-site diagnostic imaging services and related
information technology solutions (including artificial
intelligence) in the United States based on the number of locations
and annual imaging revenue. RadNet has a network of 366 owned
and/or operated outpatient imaging centers. RadNet’s markets
include Arizona, California, Delaware, Florida, Maryland, New
Jersey and New York. Together with affiliated radiologists,
inclusive of full-time and per diem employees and technologists,
RadNet has a total of over 9,700 employees. For more information,
visit http://www.radnet.com.
Forward Looking
Statements
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements are expressions of our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, and anticipated future
conditions, events and trends. Forward-looking statements can
generally be identified by words such as: “anticipate,” “intend,”
“plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,”
“strategy,” “future,” “likely,” “may,” “should,” “will” and similar
references to future periods. Forward-looking statements in this
press release include, among others, statements we make regarding
our ability to complete the proposed refinancing of our senior
credit facilities, the timing and ultimate terms of any such
refinancing, and the expected use of proceeds from any such
potential refinancing transaction.
Forward-looking statements are neither
historical facts nor assurances of future performance. Because
forward-looking statements relate to the future, they are
inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Therefore, you should not place undue
reliance on any of these forward-looking statements. Important
factors that could impact our ability to refinance our current
indebtedness include, among others, the following:
- a decline or anticipated decline in our operating results or
financial position, as a result of operational issues, regulatory
changes, litigation, casualty loss, or other factors;
- changes in general economic conditions nationally and
regionally in the markets in which we operate;
- volatility in interest and exchange rates, or credit
markets;
- the occurrence of hostilities, political instability or
catastrophic events; and
- the emergence or reemergence of and effects related to future
pandemics, epidemics and infectious diseases.
Any forward-looking statement contained in this
press release is based on information currently available to us and
speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement,
whether written or oral, that we may make from time to time,
whether as a result of changed circumstances, new information,
future developments or otherwise, except as required by applicable
law.
Contact:RadNet,
Inc.Mark Stolper,
310-445-2800Executive Vice President and Chief
Financial Officer
RadNet (NASDAQ:RDNT)
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