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Hanger Orthopedic launches $300 million term B at Libor plus 300 bps
By Sara Rosenberg
New York, March 1 -Hanger Orthopedic Group Inc. held a conference call at 2 p.m. ET on Tuesday to launch a $300 million term loan B talked at Libor plus 300 basis points with a 1% Libor floor and a par offer price, according to a market source.
Bank of America Merrill Lynch is the lead bank on the deal.
Proceeds will be used to refinance the company's existing term loan B that was obtained late last year in connection with the acquisition of Accelerated Care Plus.
At close, the term loan B was sized at $325 million and had pricing of Libor plus 375 bps with a 1.5% Libor floor. It was sold at an original issue discount of 99½ and includes 101 soft call protection for one year.
Hanger is an Austin, Texas-based provider of orthotic and prosthetic patient care services.
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