Navigation Links
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."

This document contains forward-looking statements relating to the Company's results of operations.  The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements.  Statements relating to future results of operations in this document reflect the current views of management.  However, various risks, uncertainties and contingencies could cause actual results or performance to differ materially from those expressed in, or implied by, these statements, including the Company's ability to enter into and derive benefits from managed care contracts, the demand for the Company's orthotic and prosthetic services and products and the other factors identified in the Company's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934.  The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

About Hanger, Inc. – Built on the legacy of James Edward Hanger, the first amputee of the American Civil War, Hanger, Inc. (NYSE: HGR) delivers orthotic and prosthetic (O&P) patient care, and distributes O&P products and rehabilitative solutions to the broader market.  Hanger's Patient Care segment is the largest owner and operator of O&P patient care clinics with in excess of 730 locations nationwide.  Through its Products & Services segment, Hanger distributes branded and private label O&P devices, products and components, and provides rehabilitative solutions.  Steeped in over 150 years of clinical excellence and innovation, Hanger's vision is to be the partner of choice for products and services that enhance human physical capability.  For more information on Hanger, visit www.hanger.com and follow us at www.Facebook.com/HangerNews, www.Twitter.com/HangerNews, and www.YouTube.com/HangerNews


'/>"/>
SOURCE Hanger, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Hanger clinicians honored with 2012 Tribeca Disruptive Innovation Award
2. Hanger Orthopedic Group, Inc. announces name change to Hanger, Inc.
3. Hanger, Inc. Announces Second Quarter 2012 Earnings Release Conference Call
4. Hanger, Inc. Reports Earnings of $0.50 Per Diluted Share for the Second Quarter 2012
5. Hanger, Inc. Announces 2012 Year To Date Acquisitions Totaling $35.6 Million Of Annual Net Revenue
6. Hanger Reports Earnings of $0.50 Per Diluted Share for the Third Quarter 2012
7. Hanger, Inc. Has Record Year In O&P Acquisitions:
8. Hanger Reports $0.62 Diluted EPS for the Fourth Quarter 2012
9. Hanger Files Form 10-K for Year Ended December 31, 2012
10. Hanger, Inc. Announces First Quarter 2013 Earnings Release And Conference Call
11. Hanger Reports First Quarter 2013 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/23/2017)... March 23, 2017  Drug diversion is a ... and deadly overdoses. A new oral fluid monitoring ... www.cordantsolutions.com , reports more detailed and actionable information ... potentially improve therapy adherence, patient safety, and help ... Comprehensive Oral fluid Rx Evaluation (CORE) system is ...
(Date:3/23/2017)... 23, 2017 Ascendis Pharma A/S (Nasdaq: ASND), ... to address significant unmet medical needs in rare diseases, ... call and webcast on Monday, April 3 during ENDO ... Orlando, Florida , to discuss new ... Growth Hormone, TransCon PTH and TransCon CNP). ...
(Date:3/23/2017)... , March 23, 2017  A new genetic ... accurate identification of individuals who carry HLA-B*15:02 ... a rare yet potentially deadly side effect of ... disorder.  The gene HLA-B*15:02 is strongly ... as Stevens-Johnson syndrome and toxic epidermal necrolysis in ...
Breaking Medicine Technology:
(Date:3/23/2017)... ... 23, 2017 , ... PAINWeekEnd (PWE) Oklahoma City, on April ... will be an educational and exciting program providing busy clinicians and allied healthcare ... pain. , Oklahoma is in a healthcare crisis. The state ranks 46th in ...
(Date:3/23/2017)... New York, NY (PRWEB) , ... March 23, 2017 , ... 82% of adults are ... every 3 kids do not brush their teeth the minimum two times a day that ... teeth; with students missing 51 million hours of school and adults missing 164 million hours ...
(Date:3/23/2017)... ... March 23, 2017 , ... Benefits delivery trailblazer, ... mobile app and centralized benefits dashboard solving one of the top frustrations in ... locations. For the first time, employees can access up-to-date information and account balances ...
(Date:3/23/2017)... ... 23, 2017 , ... The Wound Certification Prep Course ... Holdings, LLC, today announced that RestorixHealth® has officially endorsed WCPC as ... interested in becoming Certified Wound Specialist Physicians (CWSP®). , This collaborative effort ...
(Date:3/23/2017)... ... March 23, 2017 , ... March 23, 2017 - Crawford ... easily reprint customer invoices, bills, statements and other correspondence when they have been ... to retrieve and print the documents and batch them for efficient handling. ...
Breaking Medicine News(10 mins):