Hanger Orthopedic Group tenders for any and all 10 3/8% notes, 11¼% notes

By Jennifer Chiou

New York, May 9 - Hanger Orthopedic Group, Inc. announced the launch of cash tender offers for any and all of its $200 million of 10 3/8% senior notes due 2009 and $15.562 million of 11¼% senior subordinated notes due 2009.

The Bethesda, Md., provider of orthotic and prosthetic patient care services is also soliciting consents for proposed amendments to the notes' indentures.

The consent solicitations end at 5 p.m. ET on May 22. The offers end at 11:59 p.m. ET on June 6.

For each $1,000 principal amount of notes, the company said it will pay $1,055.00 for the 10 3/8% notes and $1,032.00 for the 11¼% notes. The payouts include a $30.00 consent payment for those who tender before the consent deadline.

Hanger Orthopedic said the tenders are conditioned upon the consummation of a new $75 million revolving credit facility and $230 million bank term loan, the issuance of $190 million aggregate principal amount of new senior notes and the issue of $50 million of series A convertible preferred stock or other similar financing.

Lehman Brothers Inc. (800 438-3242 or call collect 212 528-7581) and Citigroup Corporate and Investment Banking (800 558-3745) are the co-dealer managers and co-solicitation agents. D.F. King & Co. Inc. is the information agent (800 735-3107).

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