Invacare Corporation Announces Additional Draw of Term Loans and Exchange of Existing Convertible Notes
03 Ottobre 2022 - 10:20PM
Business Wire
Invacare Corporation (NYSE:IVC) (“Invacare” or the “company”)
announced today the consummation of additional draws of an
aggregate of $18,500,000 of term loans pursuant to its Credit
Agreement with certain funds managed by Highbridge Capital
Management LLC (“Highbridge”). Additional commitments of
$19,500,000 remain available under the Amended Highbridge Loan
Agreement, subject to the satisfaction of certain conditions set
forth therein.
Concurrently with the additional draws, the company consummated
the additional closings under the exchange agreements previously
entered into with Highbridge and exchanged $13,825,000 in aggregate
principal amount of 4.25% Convertible Senior Notes due 2026 for (i)
$5,186,000 in aggregate principal amount of additional 5.68%
Convertible Senior Secured Notes due 2026, Tranche I, and (ii)
$5,183,000 in aggregate principal amount of additional 5.68%
Convertible Senior Secured Notes due 2026, Tranche II.
The transactions described herein are further described in a
Current Report on Form 8-K to be filed with the Securities and
Exchange Commission. The descriptions herein are qualified in their
entirety by reference to the further descriptions to be included in
the Current Report on Form 8-K.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of the securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The 5.68% Convertible Senior
Secured Notes due 2026 and the company’s common shares that may be
issuable upon conversion of such notes have not been registered
under the Securities Act, or the securities laws of any other
jurisdiction and, unless so registered, may not be offered or sold
in the United States except in transactions exempt from, or not
subject to, the registration requirements of the Securities Act and
any applicable state securities laws.
About Invacare Corporation
Invacare Corporation (NYSE:IVC) (“Invacare” or the “company”) is
a leading manufacturer and distributor in its markets for medical
equipment used in non-acute care settings. At its core, the company
designs, manufactures and distributes medical devices that help
people to move, breathe, rest, and perform essential hygiene. The
company provides clinically complex medical device solutions for
congenital (e.g., cerebral palsy, muscular dystrophy, spina
bifida), acquired (e.g., stroke, spinal cord injury, traumatic
brain injury, post-acute recovery, pressure ulcers) and
degenerative (e.g., ALS, multiple sclerosis, chronic obstructive
pulmonary disease (COPD), elderly, bariatric) ailments. The
company’s products are important parts of care for people with a
wide range of challenges, from those who are active and involved in
work or school each day and may need additional mobility or
respiratory support, to those who are cared for in residential care
settings, at home and in rehabilitation centers. The company sells
its products principally to home medical equipment providers with
retail and e-commerce channels, residential care operators,
distributors and government health services in North America,
Europe, and Asia/Pacific. For more information about the company
and its products, visit Invacare’s website at www.invacare.com.
This press release contains forward-looking statements within
the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are those that describe future outcomes or expectations
that are usually identified by words such as “will,” “should,”
“could,” “plan,” “intend,” “expect,” “continue,” “forecast,”
“believe,” and “anticipate” and include, for example, statements
related to the company’s ability to address on-going supply chain
challenges; sales and free cash flow trends; the impact of
contingency plans and cost containment actions; the company’s
liquidity and working capital expectations; the company’s future
financial results; and similar statements. Actual results may
differ materially as a result of various risks and uncertainties,
including the duration and scope of the COVID-19 pandemic, the pace
of resumption of access to healthcare, including clinics and
elective care, and loosening of public health restrictions, or any
reimposed restrictions on access to healthcare or tightening of
public health restrictions and impact on the demand for the
company’s products; the availability and cost to the company of
needed raw materials and components from its suppliers; actions
that governments, businesses and individuals take in response to
the pandemic, including mandatory business closures and
restrictions on onsite commercial interactions; the impact of the
pandemic and actions taken in response to the pandemic on global
and regional economies and economic activity; the pace of recovery
when the COVID-19 pandemic subsides; general economic uncertainty
in key global markets and a worsening of global economic conditions
or low levels of economic growth; the effects of steps the company
has taken or will take to reduce operating costs; the ability of
the company to sustain profitable sales growth, achieve anticipated
improvements in segment operating performance, convert high
inventory levels to cash or reduce its costs; lack of market
acceptance of the company’s new product innovations, revised
product pricing and/or product surcharges; circumstances or
developments that may make the company unable to implement or
realize the anticipated benefits, or that may increase the costs,
of its current and planned business initiatives, in particular the
key elements of its enhanced transformation and growth plan such as
its new product introductions, commercialization plans, additional
investments in sales force and demonstration equipment, product
distribution strategy in Europe, supply chain actions and global
information technology outsourcing and ERP implementation
activities; possible adverse effects on the company’s liquidity,
including the company’s ability to address future debt maturities;
adverse changes in government and third-party payor reimbursement
levels and practices in the U.S.; adverse impacts of new tariffs or
increases in commodity prices or freight and logistics costs;
regulatory proceedings or the company’s failure to comply with
regulatory requirements or receive regulatory clearance or approval
for the company’s products or operations; adverse effects of
regulatory or governmental inspections of the company’s facilities
at any time and governmental investigations or enforcement actions;
exchange rate fluctuations; and those other risks and uncertainties
expressed in the cautionary statements and risk factors in the
company’s annual report on Form 10-K, quarterly reports on Form
10-Q and other filings with the Securities and Exchange Commission.
The company may not be able to predict and may have little or no
control over many factors or events that may influence its future
results and, except as required by law, shall have no obligation to
update any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221001005030/en/
Lois Lee loislee@invacare.com 440-329-6435
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