RadNet Management gets $160 million loan proposal from Cerberus affiliate

By Sara Rosenberg

New York, April 20 - RadNet Management Inc., a wholly-owned subsidiary of Primedex Health Systems Inc., accepted a non-binding financing proposal for a $160 million 31/2-year credit facility from an affiliate of Cerberus Capital Management LP.

The credit facility will consist of a revolver and senior secured term loans, according to a company news release.

Security is all of the assets of Primedex and RadNet Management.

This credit facility will replace the company's previously announced plan to issue $150 million of senior secured notes due 2012.

Proceeds from the loan will be used to repay substantially all of RadNet's existing debt, including capital leases. However, Primedex's 11.5% series A convertible subordinated debentures due June 30, 2008 will remain outstanding.

Funding of the credit facility is expected to be in place on or before May 31, the release added.

Primedex is a Los Angeles provider of diagnostic imaging services.

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