Invacare informs holders of repurchase rights
By HME News Staff
Updated Tue December 27, 2016
ELYRIA, Ohio - Holders of Invacare's 4.125% convertible senior subordinated debentures issued Feb. 12, 2007, and due 2027 have the right to surrender their notes for repurchase by the company, it confirmed Dec. 24. A put option under the indenture governing the debentures entitles each holder to require the company to repurchase for cash all or in part (in principal amounts equal to $1,000 or multiples thereof) of their debentures on Feb. 1, 2017, for a purchase price equal to 100% of the principal amount of the debentures, upon the terms and subject to the conditions set forth in the indenture and the debentures. The purchase price will not include accrued and unpaid interest. The company will pay, on the interest payment date, accrued and unpaid interest on all of the debentures through Jan. 31, 2017, to all holders who were holders of record on Jan. 15, 2017. As of Dec. 23, 2016, there was $13.4 million aggregate principal amount of the debentures outstanding. The offer expires at 5 p.m. EST on Jan. 30, 2017.
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