Invacare takes several financial actions
By HME News Staff
Updated 11:15 AM CDT, Thu July 28, 2022
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ELYRIA, Ohio – Invacare has secured a term loan agreement of up to $104.5 million with certain funds managed by Highbridge Capital Management LLC. The company has also entered into private exchange agreements providing for the settlement of $5 million aggregate principal amount of the company’s outstanding 5.00% Series II convertible senior notes due 2024 and up to $55.3 million aggregate principal amount of its outstanding 4.25% convertible senior notes due 2026. “We are pleased to secure this additional capital which will provide Invacare with increased liquidity and added flexibility to address on-going supply chain challenges, and it will allow the company to accelerate its transformation plan and growth strategy,” said Matt Monaghan, chairman, president and CEO. “This funding should enable the company to service its elevated backlog, converting demand to timely sales and ultimately returning top-line sales growth.” Invacare also amended its existing asset-based lending credit facility to extend its maturity to Jan. 16, 2026, and reduced the maximum notional amount of the facility from $90 million to $35 million. Proceeds from the term loan were used to repay in full outstanding borrowings.
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