Boston, MA 04/29/2014 (wallstreetpr) – RadNet Inc. (NASDAQ:RDNT)‘s holding company Radnet Management, Inc. made a press release last Friday about the completion of earlier announced redemption of all its 10 3/8% Senior notes, which were due to mature in 2018.
Completion Of Senior Notes Redemption
As per RadNet Inc. (NASDAQ:RDNT)’s previous announcement, it completed an offer on April 3, 2014, through which it was able to acquire a principal amount to the tune of $193,464,000, which is nearly 96.73% of the original aggregate principal amount of $200 million. This was followed by the company’s previously issued redemption notice as dated April 24, 2014, where the company was able to redeem the residual $6,536,000 of the average principal amount of the Notes. The redemptionprice of the notes was equal to 105.188% of the outstanding principal amount of the notes. This totals out to nearly $6.9 million and includes unpaid and accrued interest of $43,000, but does not take the redemption date into factor.
As the redemption is completed by the company, it stands discharged of the Indenture that was entered on April 6, 2010, by the company, its subsidiary, Radnet Management and the Guarantors with that of the U.S. Bank National Association acting as a Trustee.
More About The Company
RadNet, Inc. is among the national leader that provides freestanding and fixed-site diagnostic imaging amenities across the United States based on the annual imaging revenue and number of locations. RadNet functions through a vast network of 250 either owned or operated outpatient imaging centers. Some of the main markets of the company include Maryland, California, Delaware, New York, New Jersey and Rhode Island. The company boasts of 6,300 employees, which include affiliated radiologists, and includes full-time and part-time employees and technicians.
The shares of RadNet Inc. (NASDAQ:RDNT) closed 6% higher on Monday. The company is scheduled to report its first quarter earnings on May 5, 2014.
