LOS ANGELES, Feb. 2, 2017 /PRNewswire/ -- RadNet,
Inc. (NASDAQ: RDNT), a national leader in providing
high-quality, fixed-site outpatient diagnostic imaging services
through a network of 306 owned and/or operated outpatient imaging
centers, today announced an amendment to its senior secured first
lien term loan facility and senior secured revolving credit
facility, which consists of $478,937,500 senior secured first lien term loans
and a $117,500,000 senior secured
revolving credit facility. The amendment resulted in a
reduction in the interest rate applicable to the senior secured
first lien term loans and senior secured revolving credit facility
(including letters of credit) by 50 basis points. Except for such
reduction in the interest rate on credit extensions, this amendment
did not result in any other material modifications to the amended
and restated credit agreement evidencing the senior secured first
lien term loans and the senior secured revolving credit
facility.
"We are very pleased to have the support from our lenders
necessary to amend our credit agreement. The amendment will result
in an annual interest savings of approximately $2.4 million. Based upon the nominal fees and
expenses required to complete the amendment, the payback period is
about 90 days," said Dr. Howard
Berger, President and Chief Executive Officer of RadNet.
The borrower under the amended and restated credit facility is
RadNet's subsidiary, RadNet Management, Inc. The obligations of the
borrower under the amended and restated credit facility 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 are secured by
substantially all of the assets of the borrower, RadNet and such
subsidiaries and affiliates.
Forward Looking Statements.
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements include, but are not
limited to, statements regarding the Company's future interest rate
expense and financial flexibility and expected savings on interest
expense. Forward looking statements are based on management's
current expectations as of the date of this press release and are
subject to known and unknown risks, uncertainties and other factors
that may cause the Company's actual results to differ materially
from the statements contained herein. For additional information
concerning risks, uncertainties and other factors that may cause
actual results to differ from those anticipated in the
forward-looking statements, and risks to the Company's business in
general, please refer to its SEC filings, including its Annual
Report on Form 10-K for the fiscal year ended December 31, 2015, as amended. RadNet
undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances
after the date they were made, or to reflect the occurrence of
unanticipated events.
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 306
owned and/or operated outpatient imaging centers. RadNet's core
markets include California,
Maryland, Delaware, New
Jersey, New York and
Rhode Island. 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
7,300 employees. For more information, visit
http://www.radnet.com.
Contact:
RadNet, Inc.
Mark Stolper
Executive Vice President and
Chief Financial Officer
310-445-2800
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SOURCE RadNet, Inc.