Hanger Orthopedic gets tenders for $172.44 million 10¼% notes so far

By Angela McDaniels

Tacoma, Wash., Nov. 2 - Hanger Orthopedic Group Inc. received tenders for $172,443,000 principal amount, or 98.5%, of its $175 million of 10¼% senior notes due 2014 as of 5 p.m. ET on Nov. 1, according to a company news release.

A tender offer for the notes began on Oct. 19 and will end at 8 a.m. ET on Nov. 17. Nov. 1 was the early tender date.

Holders who tendered by the early tender date received $1,056.25 per $1,000 principal amount of notes on Nov. 2. This payout includes a $30.00 early tender premium.

Holders who tender after the early tender date but prior to the offer expiration will receive $1,026.25 per $1,000 principal amount of notes.

Holders will also receive accrued interest.

The company is funding the offer with the proceeds of a $200 million issue of 7 1/8% senior notes due 2018.

The dealer managers are Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-9217) and Jefferies & Co., Inc. (888 708-5831 or call collect 203 708-5831). The depositary and information agent is D.F. King & Co., Inc. (888 605-1957 or call collect 212 269-5550).

Hanger is an Austin, Texas-based provider of orthotic and prosthetic patient care services.

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