BETHESDA, Md., March 14 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. announced today that it has 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 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.
Hanger Orthopedic Group, Inc., headquartered in Bethesda, Maryland, is the world's premier provider of orthotic and prosthetic patient care services. Hanger is the market leader in the United States, owning and operating 618 patient care centers in 46 states including the District of Columbia, with 3,471 employees including 1,034 practitioners (as of 12/31/06). Hanger is organized into four units. The two key operating units are patient care which consists of nationwide orthotic and prosthetic practice centers and distribution which consists of distribution centers managing the supply chain of orthotic and prosthetic componentry to Hanger and third party patient care centers. The third is Linkia which is the first and leading provider network management company for the orthotics and prosthetics industry. The fourth unit, Innovative Neurotronics, introduces emerging neuromuscular technologies developed through independent research in a collaborative effort with industry suppliers worldwide. For more information on Innovative Neurotronics, Inc. or the WalkAide, visit http://www.ininc.us/. For more information on Hanger, visit http://www.hanger.com/.
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