The implosion of the mortgage debt market has forced imaging services firm RadNet of Los Angeles to postpone a plan to restructure its debt refinancing.
RadNet had planned to restructure all of its outstanding debt with a $445 million senior secured credit facility with GE Healthcare Financial Services (GHFS). Conditions in the debt markets have forced RadNet to defer the deal, however, the company reported.
Instead, GHFS has agreed to arrange to loan RadNet an incremental $35 million as part of its existing credit facilities. RadNet said it would use the additional funds for "strategic initiatives" and for general corporate purposes.
The company said it believes it will be able to refinance its debt in the future, when credit markets improve.
By AuntMinnie.com staff writers
August 10, 2007
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Cost savings offset DRA impact for RadNet in Q1, May 22, 2007
RadNet gets Nasdaq global listing, February 13, 2007
RadNet revenue up in fiscal 2006, February 8, 2007
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