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CREDIT FACILITY, NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Schedule of notes payable, line of credit and capital lease obligations | As of September 30, 2019 and December 31, 2018 our debt obligations consist of the following (in thousands):
| September 30, 2019 |  | December 31, 2018
First Lien Term Loans collateralized by RadNet's tangible and intangible assets | $ | 659,522 |  |  | $ | 587,191 |
Discounts on First Lien Term Loans | (14,549 | ) |  | (15,112 | )
Term Loan Agreement collateralized by NJIN's tangible and intangible assets | 57,000 |  |  | 59,250 |
Revolving Credit Facilities | — |  |  | 28,000 |
Promissory note payable to the former owner of a practice acquired at an interest rate of 1.5% due through 2019 | — |  |  | 199 |
Equipment notes payable at interest rates ranging from 3.3% to 5.6%, due through 2020, collateralized by medical equipment | 351 |  |  | 632 |
Obligations under capital leases at interest rates ranging from 4.3% to 11.2%, due through 2022, collateralized by medical and office equipment (1) | — |  |  | 12,119 |
Total debt obligations | 702,324 |  |  | 672,279 |
Less: current portion | (39,719 | ) |  | (39,267 | )
Long term portion debt obligations | $ | 662,605 |  |  | $ | 633,012 |
(1)Obligations under capital leases were transferred to Finance Lease Liability at January 1, 2019 in accordance with the adoption of Accounting Standards Update No 2016-02, Leases (Topic 842). See Note 5, Leases, for more information.
Schedule of first lien credit agreement | Included in our condensed consolidated balance sheets at September 30, 2019 are $659.5 million of First Lien Term Loans and $57.0 million of SunTrust Term Loan debt for a combined total of $716.5 million of total term loan debt (net of unamortized discounts of $14.5 million) in thousands:
| Face Value |  | Discount |  | Total Carrying Value
First Lien Term Loans | $ | 659,522 |  |  | $ | (14,549 | ) |  | $ | 644,973 |
SunTrust Term Loan | 57,000 |  |  | — |  |  | 57,000 |
Total Term Loans | $ | 716,522 |  |  | $ | (14,549 | ) |  | $ | 701,973 |
Schedule of leverage ratio | Pursuant to the Fifth Amendment and unchanged in the Sixth Amendment, the applicable margin was amended to vary based on our leverage ratio in accordance with the following schedule:
First Lien Leverage Ratio | Eurodollar Rate Spread | Base Rate Spread
> 5.50x | 4.50% | 3.50%
> 4.00x but ≤ 5.50x | 3.75% | 2.75%
>3.50x but ≤ 4.00x | 3.50% | 2.50%
≤ 3.50x | 3.25% | 2.25%
Applicable margin for Adjusted Eurodollar Rate borrowings and Base Rate borrowings was changed to adjust depending on our leverage ratio, according to the following schedule:
First Lien Leverage Ratio | Eurodollar Rate Spread | Base Rate Spread
> 5.50x | 4.50% | 3.50%
> 4.00x but ≤ 5.50x | 3.75% | 2.75%
>3.50x but ≤ 4.00x | 3.50% | 2.50%
≤ 3.50x | 3.25% | 2.25%
Thereafter, the rates of the applicable margin for borrowing under the SunTrust Original Credit Agreement adjusted depending on our leverage ratio, according to the following table:
Pricing Level | Leverage Ratio | Applicable Margin for Eurodollar Loans | Applicable Margin for Base Rate Loans | Applicable Margin for Letter of Credit Fees | Applicable Percentage for Commitment Fee
I | Greater than or equal to 3.00:1.00 | 3.00% per annum | 2.00% per annum | 3.00% per annum | 0.45% per annum
II | Less than 3.00:1.00 but greater than or equal to 2.50:1.00 | 2.50% per annum | 1.50% per annum | 2.50% per annum | 0.40% per annum
III | Less than 2.50:1.00 but greater than or equal to 2.00:1.00 | 2.25% per annum | 1.25% per annum | 2.25% per annum | 0.35% per annum
IV | Less than 2.00:1.00 but greater than or equal to 1.50:1.00 | 2.00% per annum | 1.00% per annum | 2.00% per annum | 0.30% per annum
V | Less than 1.50:1.00 | 1.75% per annum | 0.75% per annum | 1.75% per annum | 0.30% per annum
Thereafter, the rates of the applicable margin for borrowing under the SunTrust Restated Credit Agreement will adjust depending on our leverage ratio, according to the following table:
Pricing Level | Leverage Ratio | Applicable Margin for Eurodollar Loans | Applicable Margin for Base Rate Loans | Applicable Margin for Letter of Credit Fees | Applicable Percentage for Commitment Fee
I | Greater than or equal to 3.00:1.00 | 2.75% per annum | 1.75% per annum | 2.75% per annum | 0.45% per annum
II | Less than 3.00:1.00 but greater than or equal to 2.50:1.00 | 2.25% per annum | 1.25% per annum | 2.25% per annum | 0.40% per annum
III | Less than 2.50:1.00 but greater than or equal to 2.00:1.00 | 2.00% per annum | 1.00% per annum | 2.00% per annum | 0.35% per annum
IV | Less than 2.00:1.00 but greater than or equal to 1.50:1.00 | 1.75% per annum | 0.75% per annum | 1.75% per annum | 0.30% per annum
V | Less than 1.50:1.00 | 1.50% per annum | 0.50% per annum | 1.50% per annum | 0.30% per annum

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