Hanger Orthopedic Group Inc. said Friday that investor Ares Corporate Opportunities Fund is selling 2 million shares of Hanger stock for $20 per share.
Hanger won't get any of the proceeds from the sale, which is expected to close Wednesday. The company said the shares were issued to Ares in 2008 as convertible preferred stock, so the overall number of Hanger shares on the market will not change as a result of the sale.
Barclays Capital is the underwriter of the offering
In afternoon trading, shares of Hanger Orthopedic fell 24 cents to $20.80. The stock closed at $21.04 Thursday, making the offer price a discount of 4.9 percent.