CREDIT FACILITIES, NOTES PAYABLE, AND FINANCE LEASE |
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| CREDIT FACILITIES, NOTES PAYABLE, AND FINANCE LEASE | CREDIT FACILITIES, NOTES PAYABLE, AND FINANCE LEASE At June 30, 2026, we had two principal secured credit facilities consisting of our Barclays Revolving Credit Facility (as defined below) and our Truist Revolving Credit Facility (as defined below). Each facility includes a term loan component and a revolving credit facility. At June 30, 2026, we were in compliance with all covenants under our credit facilities. Barclays Credit Facility On April 18, 2024, we entered into a Third Amended and Restated First Lien Credit and Guaranty Agreement (the “Barclays Credit Agreement”), with Barclays Bank Plc and the lenders and financial institutions named therein, which provides for $875.0 million of senior secured term loans (the “Barclays Term Loan”) and a $282.0 million senior secured revolving credit facility (the “Barclays Revolving Credit Facility”). Our borrowing under the Barclays Revolving Credit Facility is secured by a lien on all of our assets. The proceeds from the April 18, 2024 restatement of the Barclays Credit Agreement were used to refinance the $678.7 million of term loans outstanding under the prior credit facility, to pay accrued interest through the date of closing, and to pay fees and expenses associated with the refinancing transaction. Total costs incurred in connection with the restatement amounted to approximately $19.9 million segregated as follows: $11.1 million recognized as discount and deferred finance cost, $2.1 million charged to loss on early extinguishment of debt and $6.7 million to related expenses. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement. On November 26, 2024, we entered into Amendment No. 1 to the Barclays Credit Agreement (the “First Amendment”) with the Barclays Bank Plc and the lenders and financial institutions named therein. Pursuant to the First Amendment, the interest rates on the term loans and revolving credit facility provided under the Restated Credit Agreement have been reduced by 0.25%. Total costs incurred in connection with the first amendment amounted to approximately $2.4 million segregated as follows: $0.6 million recognized as discount, $1.8 million charged to loss on early extinguishment of debt and $0.1 million to related expenses. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement. On June 11, 2025, we entered into Incremental Amendment No. 2 to the Barclays Credit Agreement (the “Second Amendment”), pursuant to which Barclays Bank Plc, as lender, provided an additional $100.0 million, net of a $1.0 million discount, of incremental term loan borrowings under our existing senior secured term loan facility, all other terms remained the same. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement. Pursuant to the Second Amendment, we are required to make quarterly principal payments of approximately $2.4 million, compared to $2.2 million prior to the amendment. The remaining outstanding principal will be due as a lump-sum payment on April 18, 2031, the maturity date of the incremental term loan. On June 10, 2026, we entered into Incremental Amendment No. 3 to the Barclays Credit Agreement (the “Third Amendment”), which repriced the approximately $958.7 million outstanding balance of our existing term loan by reducing the applicable interest rate by 0.25% and provided approximately $250.0 million of additional term loan borrowings. We incurred approximately $4.4 million of financing costs in connection with the Third Amendment, consisting of approximately $1.1 million of original issue discount, a $0.4 million write-off of previously deferred financing costs associated with the portion of the existing term loan accounted for as an extinguishment, and $3.0 million of other financing-related fees and expenses. Capitalized financing costs will be amortized over the remaining term of the applicable debt. Pursuant to the Third Amendment, we are required to make quarterly principal payments of approximately $3.1 million, compared to approximately $2.4 million prior to the amendment. The remaining outstanding principal balance will be due as a lump-sum payment on April 18, 2031, the maturity date of the term loan facility. Barclays Term Loan: The Barclays Term Loan provides for interest payments based on a base rate, plus an applicable margin. During the periods covered by this report, the base rates, margins and effective interest rates were as follows for the periods indicated:
Barclays Revolving Credit Facility: The Barclays Revolving Credit Facility is a $282.0 million senior secured revolving credit facility. Associated with the Barclays Revolving Credit Facility is deferred financing costs, net of accumulated amortization, of $1.2 million at June 30, 2026. Following the Third Amendment, amounts borrowed under the Barclays Revolving Credit Facility bear interest, at our election, at either Term SOFR plus an applicable margin ranging from 2.00% to 2.50% or the Alternate Base Rate plus an applicable margin ranging from 1.00% to 1.50%, in each case based on the attainment of certain first lien net leverage ratio benchmarks. As of June 30, 2026, the effective interest rate payable on revolving loans under the Barclays Revolving Credit Facility was 8.50%. In addition, a commitment fee of 0.50% per annum accrues on the unused revolver commitments under the Barclays Revolving Credit Facility. We had no outstanding balance under our $282.0 million Barclays Revolving Credit Facility at June 30, 2026 and December 31, 2025. After reserves of $8.6 million for certain letters of credit, $273.4 million was available to draw upon as of June 30, 2026. The Barclays Revolving Credit Facility terminates on April 18, 2029, unless otherwise accelerated under the terms of the Barclays Credit Agreement. Truist Credit Facility On October 7, 2022, our subsidiary New Jersey Imaging Network, Inc. (“NJIN”) entered into Second Amended and Restated Revolving Credit and Term Loan Agreement (the “Truist Credit Agreement”), with Truist Bank and the lenders and financial institutions named therein, which provides for a $150.0 million term loan (the “Truist Term Loan”) and a $50.0 million revolving credit facility (the “Truist Revolving Credit Facility”). The Truist Credit agreement is secured by the assets of NJIN. Truist Term Loan: The Truist Term Loan currently bears interest at SOFR or a Base Rate plus an applicable margin and fees which step down based on a leverage ratio. At June 30, 2026 the applicable margin for SOFR was 1.5%. We are required to make quarterly principal payments of $2.8 million, which increases by $0.9 million at scheduled intervals, with the remaining balance to be paid at maturity. The Truist Term Loan will mature on October 10, 2027 unless otherwise accelerated under the terms of the Truist Credit Agreement. Truist Revolving Credit Facility: The Truist Revolving Credit Facility is a $50.0 million secured revolving credit facility. Associated with the Truist Revolving Credit Facility are deferred financing costs, net of accumulated amortization, of $0.2 million at June 30, 2026. Amounts borrowed under the Truist Revolving Credit Facility bear interest at either SOFR or a Base Rate plus an applicable margin and fees which step down based on a leverage ratio. In addition, a commitment fee of 0.30% per annum accrues on the unused revolver commitments under the Truist Revolving Credit Facility. We had no balance outstanding under our $50.0 million Truist Revolving Credit Facility at June 30, 2026 and December 31, 2025. With no letters of credit reserved against the facility, the full $50.0 million was available to draw upon as of June 30, 2026. The Truist Revolving Credit Facility terminates on October 7, 2027, unless otherwise accelerated under the terms of the Truist Credit Agreement. Equipment Notes Payable We have issued certain notes payable in connection with the purchase of equipment previously leased under operating leases. Other Notes Payable Other notes payables include obligations assumed in connection with government-sponsored innovation financing arrangements of acquired subsidiaries. Debt Obligations and finance lease As of June 30, 2026 and December 31, 2025, our term loan debt and other debt obligations, excluding finance lease liabilities, were as follows (in thousands):
Total debt obligations, including finance lease liabilities The following table reconciles the debt obligations presented above to total debt obligations, including finance lease liabilities (in thousands):
*The short-term finance lease liability is included in “Accounts payable, accrued expenses and other” in the accompanying condensed consolidated balance sheets. Finance lease obligations bear interest at rates ranging from 3.2% to 8.8% and mature at various dates through 2030.
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| CREDIT FACILITIES, NOTES PAYABLE, AND FINANCE LEASE | CREDIT FACILITIES, NOTES PAYABLE, AND FINANCE LEASE At June 30, 2026, we had two principal secured credit facilities consisting of our Barclays Revolving Credit Facility (as defined below) and our Truist Revolving Credit Facility (as defined below). Each facility includes a term loan component and a revolving credit facility. At June 30, 2026, we were in compliance with all covenants under our credit facilities. Barclays Credit Facility On April 18, 2024, we entered into a Third Amended and Restated First Lien Credit and Guaranty Agreement (the “Barclays Credit Agreement”), with Barclays Bank Plc and the lenders and financial institutions named therein, which provides for $875.0 million of senior secured term loans (the “Barclays Term Loan”) and a $282.0 million senior secured revolving credit facility (the “Barclays Revolving Credit Facility”). Our borrowing under the Barclays Revolving Credit Facility is secured by a lien on all of our assets. The proceeds from the April 18, 2024 restatement of the Barclays Credit Agreement were used to refinance the $678.7 million of term loans outstanding under the prior credit facility, to pay accrued interest through the date of closing, and to pay fees and expenses associated with the refinancing transaction. Total costs incurred in connection with the restatement amounted to approximately $19.9 million segregated as follows: $11.1 million recognized as discount and deferred finance cost, $2.1 million charged to loss on early extinguishment of debt and $6.7 million to related expenses. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement. On November 26, 2024, we entered into Amendment No. 1 to the Barclays Credit Agreement (the “First Amendment”) with the Barclays Bank Plc and the lenders and financial institutions named therein. Pursuant to the First Amendment, the interest rates on the term loans and revolving credit facility provided under the Restated Credit Agreement have been reduced by 0.25%. Total costs incurred in connection with the first amendment amounted to approximately $2.4 million segregated as follows: $0.6 million recognized as discount, $1.8 million charged to loss on early extinguishment of debt and $0.1 million to related expenses. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement. On June 11, 2025, we entered into Incremental Amendment No. 2 to the Barclays Credit Agreement (the “Second Amendment”), pursuant to which Barclays Bank Plc, as lender, provided an additional $100.0 million, net of a $1.0 million discount, of incremental term loan borrowings under our existing senior secured term loan facility, all other terms remained the same. Amounts capitalized will be amortized over the remaining terms of the respective credit facilities under the Barclays Credit Agreement. Pursuant to the Second Amendment, we are required to make quarterly principal payments of approximately $2.4 million, compared to $2.2 million prior to the amendment. The remaining outstanding principal will be due as a lump-sum payment on April 18, 2031, the maturity date of the incremental term loan. On June 10, 2026, we entered into Incremental Amendment No. 3 to the Barclays Credit Agreement (the “Third Amendment”), which repriced the approximately $958.7 million outstanding balance of our existing term loan by reducing the applicable interest rate by 0.25% and provided approximately $250.0 million of additional term loan borrowings. We incurred approximately $4.4 million of financing costs in connection with the Third Amendment, consisting of approximately $1.1 million of original issue discount, a $0.4 million write-off of previously deferred financing costs associated with the portion of the existing term loan accounted for as an extinguishment, and $3.0 million of other financing-related fees and expenses. Capitalized financing costs will be amortized over the remaining term of the applicable debt. Pursuant to the Third Amendment, we are required to make quarterly principal payments of approximately $3.1 million, compared to approximately $2.4 million prior to the amendment. The remaining outstanding principal balance will be due as a lump-sum payment on April 18, 2031, the maturity date of the term loan facility. Barclays Term Loan: The Barclays Term Loan provides for interest payments based on a base rate, plus an applicable margin. During the periods covered by this report, the base rates, margins and effective interest rates were as follows for the periods indicated:
Barclays Revolving Credit Facility: The Barclays Revolving Credit Facility is a $282.0 million senior secured revolving credit facility. Associated with the Barclays Revolving Credit Facility is deferred financing costs, net of accumulated amortization, of $1.2 million at June 30, 2026. Following the Third Amendment, amounts borrowed under the Barclays Revolving Credit Facility bear interest, at our election, at either Term SOFR plus an applicable margin ranging from 2.00% to 2.50% or the Alternate Base Rate plus an applicable margin ranging from 1.00% to 1.50%, in each case based on the attainment of certain first lien net leverage ratio benchmarks. As of June 30, 2026, the effective interest rate payable on revolving loans under the Barclays Revolving Credit Facility was 8.50%. In addition, a commitment fee of 0.50% per annum accrues on the unused revolver commitments under the Barclays Revolving Credit Facility. We had no outstanding balance under our $282.0 million Barclays Revolving Credit Facility at June 30, 2026 and December 31, 2025. After reserves of $8.6 million for certain letters of credit, $273.4 million was available to draw upon as of June 30, 2026. The Barclays Revolving Credit Facility terminates on April 18, 2029, unless otherwise accelerated under the terms of the Barclays Credit Agreement. Truist Credit Facility On October 7, 2022, our subsidiary New Jersey Imaging Network, Inc. (“NJIN”) entered into Second Amended and Restated Revolving Credit and Term Loan Agreement (the “Truist Credit Agreement”), with Truist Bank and the lenders and financial institutions named therein, which provides for a $150.0 million term loan (the “Truist Term Loan”) and a $50.0 million revolving credit facility (the “Truist Revolving Credit Facility”). The Truist Credit agreement is secured by the assets of NJIN. Truist Term Loan: The Truist Term Loan currently bears interest at SOFR or a Base Rate plus an applicable margin and fees which step down based on a leverage ratio. At June 30, 2026 the applicable margin for SOFR was 1.5%. We are required to make quarterly principal payments of $2.8 million, which increases by $0.9 million at scheduled intervals, with the remaining balance to be paid at maturity. The Truist Term Loan will mature on October 10, 2027 unless otherwise accelerated under the terms of the Truist Credit Agreement. Truist Revolving Credit Facility: The Truist Revolving Credit Facility is a $50.0 million secured revolving credit facility. Associated with the Truist Revolving Credit Facility are deferred financing costs, net of accumulated amortization, of $0.2 million at June 30, 2026. Amounts borrowed under the Truist Revolving Credit Facility bear interest at either SOFR or a Base Rate plus an applicable margin and fees which step down based on a leverage ratio. In addition, a commitment fee of 0.30% per annum accrues on the unused revolver commitments under the Truist Revolving Credit Facility. We had no balance outstanding under our $50.0 million Truist Revolving Credit Facility at June 30, 2026 and December 31, 2025. With no letters of credit reserved against the facility, the full $50.0 million was available to draw upon as of June 30, 2026. The Truist Revolving Credit Facility terminates on October 7, 2027, unless otherwise accelerated under the terms of the Truist Credit Agreement. Equipment Notes Payable We have issued certain notes payable in connection with the purchase of equipment previously leased under operating leases. Other Notes Payable Other notes payables include obligations assumed in connection with government-sponsored innovation financing arrangements of acquired subsidiaries. Debt Obligations and finance lease As of June 30, 2026 and December 31, 2025, our term loan debt and other debt obligations, excluding finance lease liabilities, were as follows (in thousands):
Total debt obligations, including finance lease liabilities The following table reconciles the debt obligations presented above to total debt obligations, including finance lease liabilities (in thousands):
*The short-term finance lease liability is included in “Accounts payable, accrued expenses and other” in the accompanying condensed consolidated balance sheets. Finance lease obligations bear interest at rates ranging from 3.2% to 8.8% and mature at various dates through 2030.
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