IVC - Invacare raises $110M through convertible senior notes

Invacare Corporation (IVC) has priced upsized $110M (from $100M) of 4.25% convertible senior notes due March 15, 2026 in a private offering.Initial purchasers granted an option to purchase up to an additional $15M of notes. Interest will be payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2021. Net proceeds estimated to be ~$105.8M (or $120.3M if the initial purchasers exercise their option). The company expects to use ~$16.5M (or ~ $18.8M) of the net proceeds to enter into capped call transactions with the option counterparties, ~$79.9M to repurchase ~$78.9M of the outstanding 4.50% convertible senior notes due 2022 and any remaining for working capital and general corporate purposes.

For further details see:

Invacare raises $110M through convertible senior notes