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Invacare gets tenders for $142.95 million of its 9¾% notes due 2015
By Susanna Moon
Chicago, Nov. 1 - Invacare Corp. said it completed the cash tender offer for its $146 million of 9¾% senior notes due 2015 on 8 a.m. ET on Nov. 1.
As of that time, investors had tendered $142,945,000 principal amount of the notes.
There is now $3,055,000 principal amount of the notes outstanding.
Invacare paid $1,075 per $1,000 principal amount of notes tendered, including a $30 consent payment.
The company said it also paid accrued interest up to but excluding Nov. 1.
The company also solicited consents to eliminate restrictive covenants and events of default in the indenture governing the notes. Holders who tendered their notes were deemed to have delivered consents.
Invacare said it received a sufficient number of consents to adopt the proposed amendments and those amendments were adopted on Nov. 1 under a supplemental indenture.
The offer began Oct. 1.
"We are pleased with the results of the tender offer, which will allow the company to benefit from lower borrowing rates under its new revolving credit facility, currently at Libor plus 250 basis points. At the latest, we plan on purchasing the remaining principal amounts of the notes by the end of February 2011," Gerald B. Blouch, interim chief executive officer, said in a press release.
The offer required the receipt of consents from holders of a majority of the notes and the execution of a supplemental indenture as well as senior secured credit facilities for up to $400 million to fund the tender.
Bank of America Merrill Lynch (888 292-0070 or 980 388-4603) was the dealer manager and solicitation agent for the offer. D.F. King & Co., Inc. (800 431-9643 or 212 269-5550) was the depositary and information agent.
Invacare manufactures and distributes home and long-term care medical products and is based in Elyria, Ohio.
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