Hanger Inc. recently announced another amendment to the terms of its previously announced consent solicitation relating to its $200,000,000 aggregate principal amount 7⅛% Senior Notes due 2018.
According to a company press release, the amendment includes the following changes:
- It amends the definition of the termination date of the proposed amendment and waiver to set Aug. 31, 2016 as the latest termination date.
- It revises the definition of “permitted liens” in the indenture, thus limiting Hanger’s ability — with certain exceptions — to incur secured debt to an amount not to exceed $375 million, except as is incurred to refinance the its senior notes, until the company is current in its periodic reporting obligations with the Securities and Exchange Commission (SEC).
- It adds a new reporting covenant to the indenture relating to certain cash flows and other data, if Hanger concludes that providing such information can be done in compliance with its obligations under applicable securities laws, until the company is current in its periodic reporting obligations with the SEC.
- It amends the expiration date of the consent solicitation to Dec. 11, 2015.
The Consent Solicitation will expire at 5 p.m. EST, Dec. 11, 2015. Only holders of record of the notes as of 5 p.m. EST, Nov. 18, 2015, are eligible to deliver consents to the proposed amendment and waiver in the consent solicitation. Hanger will pay to the holders who delivered valid and unrevoked consents prior to the expiration time a cash payment of $20 per $1,000 principal amount of notes for which consents have been delivered by such holder, subject to the satisfaction or waiver of all of the conditions of the consent solicitation. If the company is not current in its filing obligations with the SEC on May 15, 2016, then Hanger will also pay to the holders who delivered valid and unrevoked consents prior to the expiration time a cash payment of $5 per $1,000 principal amount of notes for which consents have been delivered by such holder, subject to the satisfaction or waiver of all the conditions of the consent solicitation. The right to receive consent fees will not be transferable with the notes.
Copies of the Amended and Restated Notice of Consent Solicitation, the consent form and other related documents may be obtained by contacting D.F. King & Co., the information and tabulation agent, at 212-269-5550 or 866-796-1245, or via email at firstname.lastname@example.org. Holders of the notes are urged to review the Notice of Consent Solicitation and the procedures for consenting to the proposed amendment and waiver.
For more information: Any persons with questions regarding the consent solicitation should contact the Solicitation Agent, Wells Fargo Securities, at 704-410-4760 or 866-309-6316.