Invacare retires $71.4M in convertible senior notes
By HME News Staff
Updated Tue June 2, 2020
ELYRIA, Ohio - Invacare has entered into separate, privately negotiated agreements with certain shareholders of its 5% convertible senior notes due 2021 and certain holders of its 4.5% convertible senior notes due 2022 to exchange about $32.9 million in aggregate principal amount of 2021 notes and $38.5 million in aggregate principal amount of 2022 notes, for aggregate consideration of about $71.4 million in aggregate principal amount of 5% Series II Convertible Senior Exchange Notes due 2024. Exchanging holders of the 2021 notes received an equal principal amount of new notes, plus an amount of cash equal to the accrued and unpaid interest on the exchanged 2021 notes up to, but excluding the closing date and about $3.9 million in cash. Exchanging holders of the 2022 notes received an equal principal amount of new notes, plus an amount of cash equal to the accrued and unpaid interest on the exchanged 2022 notes up to, but excluding the closing date and about $1.3 million in cash. Following the closing of these transactions, $28.2 million in aggregate principal amount of the 2021 notes and $81.5 million in aggregate principal amount of the 2022 notes will remain outstanding with terms unchanged. The exchange is expected to close June 4, 2020, subject to customary closing conditions.
Comments