RadNet officially closed its previously announced public stock offering on Friday, raising $259.2 million or 48% more than leaders had originally sought.

The Los Angeles-based imaging center operator sold a total of 8,711,250 shares of its stock at $29.75 apiece. RadNet said the tally includes 1,136,250 in bonus shares offered to its underwriters as part of the process.

“The net proceeds to the Company from this offering were approximately $245.5 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the company,” RadNet said in a June 16 filing with the SEC. “The company intends to use the net proceeds from the offering for the repayment of $100 million under its first lien term loans and for working capital and general corporate purposes.”

RadNet had initially sought to raise $175 million but “upsized” the offering amid strong demand for its stock.

The loan in question has an aggregate principal amount of about $725 million, according to a filing with the SEC. As of March 31, $712 million of the total is slated to mature on April 23, 2028, carrying an interest rate of 7.81%.

Investment banks Raymond James and Jefferies Group jointly underwrote the deal, pooling resources to share in the profit and risk. A second group of banks taking part in the deal includes Barclays, Truist Securities, RBC Capital Markets and TD Securities.

RadNet operates 363 imaging centers in Arizona, California, Delaware, Florida, Maryland, New Jersey and New York. The company employs more than 750 radiologists in its contracted radiology groups, with over 9,000 total employees. RadNet also has a software arm called eRad, which it said is “integral” to its imaging center business, selling computerized systems for distributing, displaying, storing and retrieving files.