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Hanger secures $605M in new debt

Hanger Inc. secured a new credit line from a number of lenders, including Bank of America Merrill Lynch and Wells Fargo Securities.

SunTrust Robinson Humphrey was also a lead arranger of the $605 million credit facility which comprises a $100 million, five-year revolving credit line and a seven-year term loan B of $505 million which bears interest at a rate of 3.5% plus the London Interbank Offered Rate.

Region's Bank was the co-manager for the transaction which helps the Austin, Texas-based provider of patient care services repay the principal on its existing $152 million senior credit agreement, and a $280 million unsecured term loan B.

Hanger said the refinancing transaction simplifies its capital structure and reduces how much interest it pays on its existing debt.