Radiology Partners, the largest US provider of medical imaging, is seeking to raise preferred equity to help repay more than $2 billion in debt coming due in the next two years.
The company hired Barclays to help find investors for the proposed offering, said people with knowledge of the plan, who asked to remain anonymous because the matter is private. Representatives for Radiology Partners and Barclays declined to comment. NEA and Starr Investment Holdings, backers of the company, didn’t respond to requests for comment.
Raising capital could prove to be a challenge. The Bloomberg report comes after S&P Global Ratings recently downgraded Radiology 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. Read more.
