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Strategic investment solidifies radiology partner position as leader in advancing clinical advances, technology and artificial intelligence in radiology
El Segundo, California, February 22, 2024–(BUSINESS WIRE)–Radiology Partners (RP), the nation’s leading radiology practice through its own and affiliated clinics, today announced a series of previously announced financing transactions. announced that it was completed. As part of these activities, RP completed approximately $720 million of growth equity investments, completed an exchange offer on existing notes and completed modifications to its outstanding credit facility.
“We are pleased to have completed the final stages of our comprehensive funding plan and have the resources and resources to continue to expand our clinical services and expand our technology and AI capabilities,” said Rich Whitney, Chairman of the RP Board of Directors. We remain flexible and ready to move forward.” Chairman and CEO. “This equity raise, which we believe is the second largest growth capital in the healthcare industry in the last two years, is a testament to the strength of our practice, our leadership position in healthcare, and the commitment we provide to our patients and client partners. It emphasizes the value we bring.”
“This is an important and exciting day for RP,” said Dr. Rod Owen, RP radiologist and board member. “Continued long-term support from our equity and financing partners will further our mission and ultimate success. We will move forward as an even stronger clinic, continue to transform radiology, and support our patients and We are in a better position to continue serving our healthcare providers.”
“The future of radiology will be driven by significant investments in people, processes and advanced technology,” said Nina Kotler, MD, RP’s deputy chief medical officer for clinical AI. The measures will allow us to continue our practice,” he added. These investments allow us to better serve our patients and position our company as a leader as AI plays an increasingly important role in the evolving field. ”
The closing of the transaction announced today will:
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Raised approximately $720 million in new equity financing from existing and new investors.
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We have successfully reduced our debt significantly and extended our outstanding maturities with new maturities from 2028 to 2030.
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We retain more than $500 million in cash and liquidity to fund continued growth and innovation investments.
Kirkland & Ellis LLP and Sidley Austin LLP acted as legal advisors to RP, and Moelis & Company LLC and Barclays Capital Inc. acted as financial advisors to RP. Gibson Dunn LLP and Centerview Partners acted as legal and financial advisors to certain RP financiers.
About radiology partners
Through its owned and affiliated operations, Radiology Partners is a leader in technology-enabled radiology in the United States, serving more than 3,300 hospitals and other healthcare facilities across the country. As a physician-led and physician-owned practice, our mission is to transform radiology by innovating across clinical value, technology, service, and economics while enhancing the role of radiologists and radiologist in healthcare. That’s it. Radiology Partners uses a proven healthcare service model to deliver consistent, high-quality care to our patients while delivering high value to the hospitals, clinics, imaging centers, and referring physicians we serve. . For more information, please visit radpartners.com. You can also contact us at @Rad_Partners.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, the future performance of the Company’s business. All statements contained in this press release, other than statements of historical fact, that refer to activities, events, conditions, or developments that will or may occur in the future are forward-looking statements. . Forward-looking statements include statements such as “anticipates,” “estimates,” “expects,” “plans,” “intends,” “plans,” “believes,” “strategies,” “future,” May include words such as “opportunity” and “may”. Expressions such as “should”, “should”, “would”, “will”, “will continue”, and “will it turn out that way”. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual events, results or performance to differ materially from those indicated in such statements. These forward-looking statements are made in good faith and we believe that there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update, change or revise any forward-looking statements, except as required by law. We expressly disclaim any obligation to do so.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240222956024/ja/
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