Invacare taps into $5.5M
By HME News Staff
Updated 10:20 AM CST, Tue December 27, 2022
ELYRIA, Ohio – Invacare on Dec. 27 announced an additional draw of $5.5 million of term loans under its credit agreement with certain funds managed by Highbridge Capital Management.
“As guided in the 3Q22 earnings release, Europe achieved sequential growth in revenues and profitability driven by improved supply chain circumstances giving us confidence that our transformation program is reaping benefits,” said Geoff Purtill president and CEO. “Today’s announcement provides us with greater flexibility as we execute against our stated strategy. We are pleased that Highbridge continues to support the company as it moves through its planned transformation."
Invacare intends to use the proceeds of the additional draw for general corporate purposes.
In addition, $14 million of additional liquidity remains available under the amended Highbridge credit agreement, subject to satisfaction of certain conditions set forth therein.
- Read about Invacare’s third quarter financial results and its decision to exit the respiratory market.
- Read about how Geoff Purtill plans to restore confidence in Invacare.
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