Hanger recently announced the successful solicitation of consents from holders of its $200,000,000 aggregate principal amount 7⅛% Senior Notes due 2018 to amend and waive certain provisions of its indenture, dated Nov. 2, 2010, among Hanger, its subsidiary guarantors and Wilmington Trust Company, as trustee pursuant to which the notes were issued.
Due to this success, Hanger has entered into the fourth supplemental indenture to amend and waive certain provisions of the indenture, according to a company press release.
The supplemental indenture amends, effective Sept. 29, 2014, the reporting covenant in the indenture to eliminate until Nov. 16 any obligation for Hanger to deliver to the trustee or the noteholders the following reports required to be filed or furnished with the Securities and Exchange Commission (SEC): Form 10-Qs for the periods ended Sept. 30, 2014, March 31 and June 30, and Form 10-K for the period ended Dec. 31, 2014.
Additionally, the supplemental indenture waives any default or event of default under the indenture that may occur or exist as a result of or in connection with Hanger’s failure to timely deliver to the trustee or the noteholders, or file with the SEC, the delayed SEC reports, provided that such delayed SEC reports are delivered to the trustee or the noteholders or filed with the SEC by Nov. 16, the release stated.
The consent solicitation was made on the terms and subject to the conditions set forth in Hanger’s Notice of Consent Solicitation and in the related Form of Consent. The consent solicitation expired at 5 p.m. EST, on July 8. Hanger paid to the holders of notes who delivered valid and unrevoked consents prior to the expiration time a cash payment of $2.50 per $1,000 principal amount of notes for which consents were delivered by such holder.
Wells Fargo Securities LLC acted as the solicitation agent in connection with the consent solicitation, and D.F. King & Co., served as information and tabulation agent, according to the release.