Invacare retires most of remaining convertible notes

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Wednesday, September 9, 2020

ELYRIA, Ohio – Invacare has retired the majority of its remaining 5% convertible senior notes due 2021. The company purchased about $22 million aggregate principal amount of the 2021 convertible notes for cash in separate open market transactions, leaving a balance of about $3.8 million aggregate principle amount of 2021 convertible notes outstanding. “I’m pleased we were able to retire the significant majority of our remaining 2021 convertible notes in advance of their February maturity,” said Matt Monaghan, chairman, president and CEO. “By opportunistically repurchasing the notes, including some at slightly below par, we continue to set the foundation for long-term profitable growth with a stronger and more flexible balance sheet and by reducing ongoing interest expense.” Since the third quarter of 2019, Invacare has addressed about $146.3 million principal amount of the 2021 convertible notes either through repurchases or exchanges for new notes that effectively extended the maturity to November 2024. “While this chapter is now largely behind us, we will remain vigilant in identifying opportunities to optimize our capital structure,” said Kathy Leneghan, senior vice president and CFO.

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