Invacare proposes $100M raise

Thursday, June 8, 2017

ELYRIA, Ohio – Invacare intends to offer $100 million aggregate principal amount of convertible senior notes due 2022 in a private offering to qualified institutional buyers, the company announced June 7. In connection with the offering, Invacare expects to grant the initial purchaser an option to purchase up to an additional $15 million aggregate principal amount of notes that will be delivered within a 13-day period beginning on the date the company first issues the notes. Final terms of the notes, including the initial conversion price, interest rate and certain other terms of the notes, will be determined at the time of pricing. The notes will bear interest semi-annually and will mature on June 1, 2022, unless repurchased or converted. Invacare intends to use a portion of the net proceeds from this offering to pay the cost of the convertible note hedge transaction. It also intends to use any remaining net proceeds for working capital and general corporate purposes, which may include funding portions of its ongoing turnaround.