Hanger Orthopedic Group's $150 million term loan "B" softened during the week, registering minor activity on the break. News about alleged forged prescriptions and improper sales at its Long Island branch were said to have had a slight impact on the bank debt.
"The paper was a little bit over par before the news and dropped below 99," a trader said. Hanger's debt then inched up to the 99 3/4-100 1/4 range by mid week. The last market bid was seen at 99 3/4. Hanger's bonds traded 5 points off to 103.
Trading of Hanger's stock on the New York Stock Exchange was halted last Tuesday after an employee reported billing irregularities on the company's compliance hotline. According to a statement from the company, Hanger has been made aware of alleged billing irregularities by a clinician in one of the Company's 608 patient care centers. Officials at Hanger did not return calls.