Radiology Partners Closes $720 Million Growth Equity Investment and Completes Previously Announced Debt Refinancing Transactions

Strategic Investment Solidifies Radiology Partners as the Leader in Driving Clinical Advancements, Technology and Artificial Intelligence within Radiology

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Radiology Partners (RP), the leading radiology practice in the U.S. through its owned and affiliated practices, today announced it has completed a series of previously announced financing transactions. As a part of these actions, RP closed a growth equity investment of approximately $720 million, completed an exchange offer with respect to its existing notes and finalized an amendment to its outstanding credit facilities.

“We are pleased to have completed the final steps in our comprehensive financing plan, and we are poised to move forward with the resources and flexibility to continue to expand our clinical services and extend our technology and AI capabilities,” said Rich Whitney, RP’s Board Chair and CEO. “The equity raise, which we believe to be the second largest growth financing in the healthcare industry in the past two years, underscores the strength of our practice, our leadership position in healthcare and the value we bring to our patients and our client partners.”

“This is an important and exciting day for RP,” said Rod Owen, MD, RP radiologist and Board Director. “Continued long-term support from our equity partners and lender partners fuels our mission and our ultimate success. We are moving forward as an even stronger practice, better positioned to continue to transform radiology and serve patients and healthcare providers.”

Nina Kottler, MD, RP’s Associate Chief Medical Officer for Clinical AI, added, “The future of radiology will be driven by an investment in people, process and advanced technology at scale. The steps RP is taking today will enable the practice to continue to make these investments, better serve patients and build on our leadership position as AI plays an increasingly important role in our evolving field.”

With the completion of the transactions announced today, the practice:

• Raised approximately $720 million in new equity financing from existing and new investors.
• Meaningfully reduced its debt and successfully extended outstanding debt maturities with new maturity dates ranging from 2028 to 2030.
• Will retain more than $500 million of cash and liquidity to fund continued growth and investment in innovation.

Kirkland & Ellis LLP and Sidley Austin LLP served as legal counsel to RP, and Moelis & Company LLC and Barclays Capital Inc. served as financial advisors to RP. Gibson Dunn LLP and Centerview Partners served as legal and financial advisors to certain RP lenders.

About Radiology Partners

Radiology Partners, through its owned and affiliated practices, is the leading technology-enabled radiology practice in the U.S., serving more than 3,300 hospitals and other healthcare facilities across the nation. As a physician-led and physician-owned practice, our mission is to transform radiology by innovating across clinical value, technology, service and economics, while elevating the role of radiology and radiologists in healthcare. Using a proven healthcare services model, Radiology Partners provides consistent, high-quality care to patients, while delivering enhanced value to the hospitals, clinics, imaging centers and referring physicians we serve. Learn more at radpartners.com and connect with us at @Rad_Partners.

Forward-Looking Statements

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