Hanger Inc. has announced its successful consent solicitation from holders of its $200,000,000 aggregate principal amount 7⅛% Senior Notes due 2018.
According to a company press release, Hanger received the requisite consents to adopt the Fifth Supplemental Indenture on Dec. 11, 2015, after which it entered into the supplemental indenture to amend and waive certain provisions to the indenture. The amendment and waivers contained in the supplemental indenture became operative when Hanger paid its initial consent fee on Dec. 15, 2015, in accordance with the terms of the consent solicitation.
The consent solicitation was made on the terms and subject to the conditions set forth in Hanger’s Amended and Restated Notice of Consent Solicitation, dated Nov. 30, 2015; amended on Dec. 7, 2015; and amended again Dec. 9, 2015. The consent solicitation expired at 5 p.m. EST, Dec. 14, 2015. On Dec. 15, 2015, Hanger paid to the holders of the senior notes who delivered valid and unrevoked consents prior to the expiration time an initial consent fee in the form of a cash payment of $20 per $1,000 principal amount of notes for which consents were delivered by such holder. In addition, if Hanger is not current by May 15, 2016, in its fining obligations with the Securities and Exchange Commission, it will pay a cash payment of $5 per $1,000 principal amount of notes to holders who delivered valid and unrevoked consents prior to the expiration time.