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LOS ANGELES, June 13, 2023 (GLOBE NEWSWIRE) -- 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.