RadNet Announces Pricing of Upsized Public Offering of Common Stock
14 Junho 2023 - 12:36AM
RadNet, Inc. (NASDAQ: RDNT), a national leader in
providing high-quality, cost-effective, fixed-site outpatient
diagnostic imaging services, announced today the pricing of its
underwritten public offering of 7,575,000 shares of its common
stock at a price to the public of $29.75 per share. The gross
proceeds to RadNet from the offering, before deducting the
underwriting discounts and commissions and other offering expenses,
are expected to be approximately $225 million. In addition,
RadNet has granted the underwriters a 30-day option to
purchase up to an additional 1,136,250 shares of common stock at
the public offering price, less underwriting discounts and
commissions. The offering is expected to close on or about June 16,
2023, subject to satisfaction of customary closing conditions.
RadNet intends to use the net proceeds from the
proposed offering to pay down $100 million of its first lien term
loans and for working capital and general corporate purposes.
Jefferies and Raymond James are acting as joint
active book-running managers for the offering. Barclays, Truist
Securities, RBC Capital Markets and TD Securities are also acting
as joint book-running managers for the offering. CJS Securities is
acting as a co-manager for the offering.
The securities described above are being offered
by RadNet pursuant to a shelf registration statement previously
filed and declared effective by the Securities and Exchange
Commission (“SEC”). When available, copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
may be obtained from: Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, New York, NY 10022, by
telephone at (877) 821-7388 or by email at
prospectus_department@jefferies.com; or from Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida 33716, by telephone at (800)
248-8863, or by email at prospectus@raymondjames.com. Electronic
copies of the preliminary prospectus supplement and accompanying
prospectus were filed with the SEC and are available on the website
of the SEC at http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About RadNet, Inc.
RadNet, Inc. is the leading national provider of
freestanding, fixed-site diagnostic imaging services in the United
States based on the number of locations and annual imaging revenue.
RadNet has a network of 363 owned and/or operated outpatient
imaging centers. RadNet's markets include California, Maryland,
Delaware, New Jersey, New York, Florida and Arizona. In addition,
RadNet provides radiology information technology and artificial
intelligence solutions, teleradiology professional services and
other related products and services to customers in the diagnostic
imaging industry. Together with affiliated radiologists, and
inclusive of full-time and per diem employees and technicians,
RadNet has a total of over 9,000 employees.
Forward-Looking Statements
RadNet cautions you that statements contained in
this press release regarding matters that are not historical facts
are forward-looking statements. These statements are based on the
company’s current beliefs and expectations. Such forward-looking
statements include, but are not limited to, statements relating to
the offering, including the timing and size of the offering and the
anticipated use of proceeds therefrom and the grant of the option
to purchase additional shares. The inclusion of forward-looking
statements should not be regarded as a representation by RadNet
that any of its plans will be achieved. Actual results may differ
from those set forth in this press release due to the risks and
uncertainties inherent in RadNet’s business, including, without
limitation: the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the proposed public offering and the other risks and
uncertainties described in the Company’s filings with the SEC,
included under the heading “Risk Factors” in the Company’s Annual
Report on Form 10-K and any subsequent filings with the SEC. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and RadNet
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
CONTACTS:
RadNet, Inc.Mark
Stolper, 310-445-2800Executive Vice President and
Chief Financial Officer
RadNet (NASDAQ:RDNT)
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