Primedex Turns To GE Capital For Refinancng

Primedex Health Systems turned to GE Capital to refinance most of its debt in a transaction designed to give it increased liquidity to grow its business.

  • 17 Mar 2006
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Primedex Health Systems turned to GE Capital to refinance most of its debt in a transaction designed to give it increased liquidity to grow its business. Mark Stolper, cfo, said GE Capital has long-standing relationships with the company through its historical purchases of GE imaging equipment and capital lease financing.

The credit line consists of a $15 million revolving credit facility and an $86 million term loan, both priced at LIBOR plus 4%. It also entered into a $60 million second-lien loan priced at LIBOR plus 8 1/2%. The deal replaces a $20 million asset-backed revolver priced at Prime plus 3 1/4. Bridge Healthcare Finance was the lead on a previous credit, which will be refinanced through the deal. The company did not use Bridge Healthcare Finance for the new credit facility because the firm does not participate in cash flow deals.

GE approached Primedex to do the deal. The company will refinance $161 million of existing debt. It will retain $16.1 million of subordinated debentures and $5 million of capital lease obligations. The company has approximately $109 million in notes and capital lease obligations that it expects to refinance, according to its 10K. Primedex is an affiliate of RadNet Management, its primary operating division. In October 2003, the company completed a pre-packaged Chapter 11 plan of reorganization.

  • 17 Mar 2006

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