Invacare amends credit agreement

Wednesday, October 1, 2014

ELYRIA, Ohio – Invacare has amended its credit agreement to gain additional flexibility calculating it financial covenants through the duration of the credit agreement. The amendment provides an add back to the company’s EBITDA for warranty accruals up to $10 million and subtracts cash payments when paid in future periods, the company said in a release. “We appreciate the ongoing support of our current lenders,” said Rob Gudbranson, interim president and CEO. “Over the past years, we have proactively managed our business to generate cash, including the divestitures of non-core businesses, and have paid down total debt outstanding by approximately $212.7 million since 2010 to $58.5 million as of June 30, 2014.” IN other financial news, Invacare also announced a quarterly dividend of .0125 per share, payable Oct. 10.