Invacare to price $125 million 20-year convertibles in week of Feb. 5; price talk not determined

By Kenneth Lim

Boston, Jan. 24 - Invacare Corp. plans to price $125 million of 20-year senior subordinated convertible notes the week of Feb. 5 as part of its debt recapitalization plans.

Price talk has not been set, market sources said.

Bank of America is the bookrunner for the offering, which will be sold in the United States under Rule 144A and under Regulation S overseas.

There will also be a separate offering of senior notes due 2015.

Moody's Investors Service has assigned a B3 rating to the proposed convertibles, while Standard & Poor's has rated them CCC+.

Invacare, an Elyria, Ohio-based maker of non-acute health care products, expects to use the proceeds of the convertible deal and other debt to refinance substantially all of its existing debt. Invacare, which announced its refinancing plans a week ago, expects the new financing efforts to result in total capacity of about $700 million.

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