Invacare tender for $146 million in 9¾% notes now set to expire Nov. 1

By Devika Patel

Knoxville, Tenn., Oct. 15 - Invacare Corp. said it extended the expiration time of a cash tender offer for any and all of its $146 million in 9¾% senior notes due 2015. The offer will now expire at 8 a.m. ET on Nov. 1. The offer launched Oct. 1.

The company also 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 consent deadline also was extended to Nov. 1.

Holders who tender their notes and deliver consents before 5 p.m. ET on Oct. 15, the consent expiration, will be eligible to receive the total consideration of $1,075 per $1,000 principal amount of notes, which includes a $30.00 consent payment.

Holders tendering after the consent expiration will be eligible to receive only the tender offer consideration of $1,045 per $1,000 of notes, which is equal to the total consideration less the consent payment.

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

Holders who tender their notes before the consent expiration will receive payment on Oct. 18, and holders tendering after the consent expiration and prior to the expiration time will receive payment on Nov. 1.

Tendered notes may be withdrawn and consents may be revoked before the consent expiration.

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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