Alliance HealthCare Services, Inc. (NASDAQ:AIQ), a leading national provider of outpatient diagnostic imaging and radiation therapy services, announced today the voluntary repayment of $15.0 million against the principal of its senior secured term loan. The debt repayment was effective March 28, 2013.
“Our organic Adjusted EBITDA growth, strong cash flow generation, and proceeds from our sale/leaseback transaction have enabled us to repay a total of $90 million of Alliance’s total debt, or 22 percent of the balance of our senior secured term loan and 14 percent of our total debt outstanding, since September 30, 2012,” said Howard Aihara, executive vice president and chief financial officer. “Continuing to pay down debt and reducing our total and senior secured leverage ratios remains a top priority at Alliance.”
Adjusted for this $15.0 million voluntary debt repayment, as of December 31, 2012, the Company’s pro forma total debt was $543.6 million and the outstanding balance of the senior secured term loan was $320.3 million. Adjusted for this $15.0 million voluntary debt repayment, Alliance’s pro forma total leverage ratio was 3.79x, down from 3.89x as reported on December 31, 2012. The Company’s pro forma senior secured leverage ratio was 2.47x, down from 2.58x as reported on December 31, 2012.
About Alliance HealthCare Services
Alliance HealthCare Services is a leading national provider of advanced outpatient diagnostic imaging and radiation therapy services based upon annual revenue and number of systems deployed. Alliance focuses on MRI, PET/CT and CT through its Imaging division and radiation therapy through its Oncology division. With approximately 1,800 team members committed to providing exceptional patient care and exceeding customer expectations, Alliance provides quality clinical services for over 1,000 hospitals and other healthcare partners in 45 states. Alliance operates 490 diagnostic imaging and radiation therapy systems. The Company is the nation’s largest provider of advanced diagnostic mobile imaging services and one of the leading operators of fixed-site imaging centers, with 128 locations across the country. Alliance also operates 29 radiation therapy centers, including 17 dedicated stereotactic radiosurgery facilities, many of which are operated in conjunction with local community hospital partners, providing treatment and care for cancer patients. With 17 stereotactic radiosurgery facilities in operation, Alliance is among the leading providers of stereotactic radiosurgery nationwide.