Hanger Inc. recently announced a second 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 proposed new reporting obligation in the indenture relating to Hanger’s issuance of certain cash flows and data until the company is current in its reporting obligations with the Securities and Exchange Commission (SEC) to provide the holders with an additional interest payment of $5 per $1,000 in aggregate principal amount of notes if Hanger fails to comply with its new reporting obligation.
- It changes the expiration date of the consent solicitation to Dec. 14, 2015. The previous date was Dec. 11, 2015.
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.
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