Invacare exchanges some 5%, 4.25% convertibles for new convertibles, shares and cash

By Wendy Van Sickle

Columbus, Ohio, July 26 – Invacare Corp. settled the exchange of $5 million of its outstanding 5% series II convertible senior exchange notes due 2024 and $41.5 million of its 4.25% convertible senior notes due 2026, according to a news release.

The exchange was funded by $31.1 million of newly issued 5.68% convertible senior secured notes due July 1, 2026, 2.7 million common shares of Invacare stock and $4.5 million in cash. The company also paid accrued interest in cash.

The exchanges are the result of private agreements.

The company may exchange the remaining $13.8 million total principal amount of 4.25% notes for $10.4 million aggregate principal amount of new notes in two incremental tranches, subject to some conditions.

Invacare is an Elyria, Ohio-based medical equipment manufacturer.

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