Invacare extends consent deadline for $146 million 9¾% notes due 2015

By Devika Patel

Knoxville, Tenn., Oct. 15 - Invacare Corp. said it extended the expiration of the consent deadline in its cash tender offer for any and all of its $146 million in 9¾% senior notes due 2015 to 8 a.m. ET on Nov. 1, which is also the expiration date. The offer began Oct. 1.

The company is soliciting consents to eliminate substantially all of the restrictive covenants and certain events of default in the indenture governing the notes. Holders who tender their notes are deemed to have delivered their consents.

The total consideration for the offer is $1,075 per $1,000 principal amount of notes, which includes a $30.00 consent payment.

The company said it will pay accrued interest from the most recent interest payment date to, but not including, the payment date.

Tendered notes may not be withdrawn after 5 p.m. ET on Oct. 15.

The offer is subject to the receipt of consents from holders of a majority of the notes and execution of a supplemental indenture effecting the amendments, as well as the finalization of senior secured credit facilities for borrowings of up to $400 million to fund the tender.

Bank of America Merrill Lynch (888 292-0070 or 980 388-4603) is the exclusive dealer manager and solicitation agent for the offer. D.F. King & Co., Inc. (800 431-9643 or 212 269-5550) is the depositary and information agent.

Based in Elyria, Ohio, Invacare manufactures and distributes home and long-term care medical products.

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