US Radiology launches incremental, repricing at Libor plus 475 bps

By Sara Rosenberg

New York, Nov. 30 – US Radiology Specialists Inc. launched on Tuesday its fungible $450 million incremental first-lien term loan and repricing of its existing roughly $784 million first-lien term loan due Dec. 15, 2027 with price talk of Libor plus 475 basis points with a 0.5% Libor floor, according to a market source.

The incremental term loan is talked with an original issue discount of 99 and the repricing is offered at par, the source said.

The term loan debt (B3/B-) will include 101 soft call protection for six months and amortization of 1% per annum.

Barclays, Capital One, Deutsche Bank Securities Inc. and Fifth Third are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Dec. 8, the source added.

Proceeds from the incremental term loan will be used to fund the acquisition of Alpine and repay revolving credit facility borrowings, and the repricing will take the existing term loan down from Libor plus 550 bps with a 0.75% Libor floor.

US Radiology is a Raleigh, N.C.-based radiology group.

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