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Hanger Enters New 5-Year Credit Agreement to Refinance Senior Secured Credit Facilities
Date:6/17/2013

AUSTIN, Texas, June 17, 2013 /PRNewswire/ -- Hanger, Inc. (NYSE:  HGR) today announced the signing of a new 5-year credit agreement that increases its senior secured facilities to an aggregate of up to $425 million from $400 million previously.  The new credit agreement includes a $200 million revolving credit facility and a $225 million term loan facility.  The previous credit agreement was comprised of a $100 million revolving credit facility and a $300 million term loan.  Each new facility matures on June 17, 2018, and is subject to a leveraged-based pricing grid, with initial pricing of LIBOR plus 1.75%.  Previously, Hanger's interest rate was LIBOR plus 3.25% on its revolver and LIBOR plus 3.00%, with a 1.00% LIBOR floor, on its term loan.  The Company expects that the refinancing will generate $7.0 to $7.5 million of annual pre-tax interest expense savings, and have an annualized accretive impact of $0.12 to $0.13 per diluted share.  Although the Company will not incur prepayment penalties as a result of the refinancing, it will incur a pre-tax non-cash charge of approximately $9.0 million during the second quarter of 2013 related to the write-off of existing debt issuance costs associated with its previous credit agreement.

George McHenry, Hanger's Chief Financial Officer, commented, "We are very pleased to be able to take advantage of favorable debt markets to significantly reduce our interest costs and position Hanger well to continue funding its growth strategies for 2013 and beyond.  The improvement in our interest rate reflects not only the overall interest rate environment, but also our continued financial performance, a recent upgrade by Moody's of our Corporate Family Rating, and the strong support and backing of our relationship banks, led by BofA Merrill Lynch and Wells Fargo who served as Joint Lead Arrangers on the transaction."

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