Officals from the Hanger Orthopedic Group Inc. recently announced that the company amended its existing Senior Secured Credit Facilities to lower the applicable interest rates and modify certain other covenants. Amended interest rates on the Term Loan B are LIBOR (London Inter-Bank Offer Rate) plus 2.25%. The interest rate on the outstanding revolving credit facility remains the same. The amendment also provides the company with additional flexibility with regard to certain other covenants.
“We are pleased to have completed this amendment that will not only result in annual interest savings, but also provide us with a solid framework for future growth,” said George McHenry, Hanger’s chief financial officer, in a press release.