The nation’s largest imaging group is reportedly seeking new investors to help repay more than $2 billion in debts, according to a report published Wednesday.
Radiology Partners has hired Barclays Plc, hoping to raise “preferred equity” with a portion of its debts coming due in the next two years. Bloomberg Law reported the move on June 28, citing sources with “knowledge of the plan, who asked to remain anonymous because the matter is private.”
Rad Partners, Barclays, and the practice’s financial backers, New Enterprise Associates and Starr Investment Holdings, all declined to comment to the news outlet.
The report comes after S&P Global Ratings recently downgraded Rad Partners amid worries the El Segundo, California-based practice’s capital structure could become unsustainable. Fitch Ratings also recently added RP to its list of top companies at risk of a debt default within the next two years.
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Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.