Radiology Partners Adds 6 New Practices, But Refuses To Disclose Details
RadNet seeks to refinance its debt
The operator of the RadNet imaging center is seeking to refinance its debts in an effort to reduce investment costs and add operational flexibility, the operator of the imaging center said on Tuesday.
The proposed transaction would include a $ 611 million loan and a currently undrawn $ 195 million revolving line of credit, the Los Angeles-based company said. RadNet is looking to replace the two financial instruments with a seven-year $ 675 loan and a five-year revolving credit of the same amount, respectively.
If the refinancing is approved, RadNet said it plans to pay off the $ 611 million in existing loans, along with other fees and expenses.
“We have publicly discussed in recent quarters the possibility of extending the maturity of our debt capital, reducing our cost of capital and providing the company with greater operational flexibility through the refinancing of our current senior secured debt. “,” Mark Stolper, Executive Vice President and Chief Financial Officer, said April 6.
Standard & Poor’s Global Ratings noted Tuesday that the transaction will improve RadNet’s liquidity by increasing its access to capital and adding $ 50 million to its balance sheet.
Imaging centers unite under one brand
Midwest Radiology – which considers itself one of the nation’s largest independent imaging groups – is consolidating its centers under one brand name, executives said Tuesday.
As of April 1, six imaging centers previously operating under the St. Paul Radiology and Suburban Radiologic Consultant brands will now be under the Midwest name. The announcement comes two years after the two aforementioned groups merged their professional service organizations, but continued to use their old names.
“This combination simplifies our organizational structure and allows us to focus more effectively on delivering the highest quality and most cost-effective ambulatory imaging services to our communities and referring clinicians,” said Michael Madison, MD, president and CEO of Midwest Radiology. declaration.
In total, the amalgamated company operates 10 locations in the Twin Cities area of Minnesota.