Invacare Corporation Announces Additional Draw of Term Loans
27 Dezembro 2022 - 10:02AM
Business Wire
Invacare Corporation (NYSE: IVC) (“Invacare” or the “company”)
announced the consummation of an additional draw of $5,500,000 of
term loans under to its Credit Agreement with certain funds managed
by Highbridge Capital Management LLC (“Highbridge”), as of December
23, 2022.
Commenting on the financing, Geoff Purtill, president and chief
executive officer stated, “As guided in the 3Q22 earnings release,
Europe achieved sequential growth in revenues and profitability
driven by improved supply chain circumstances giving us confidence
that our transformation program is reaping benefits. Today’s
announcement provides us with greater flexibility as we execute
against our stated strategy. We are pleased that Highbridge
continues to support the company as it moves through its planned
transformation."
The company intends to use the proceeds of the additional draw
for general corporate purposes. In addition, $14,000,000 of
additional liquidity remains available under the Amended Highbridge
Credit Agreement, subject to satisfaction of certain conditions set
forth therein.
About Invacare Corporation
Invacare Corporation (NYSE:IVC) (“Invacare” or the “company”) is
a leading manufacturer and distributor in its markets for medical
equipment used in non-acute care settings. At its core, the company
designs, manufactures and distributes medical devices that help
people to move, rest, and perform essential hygiene. The company
provides clinically complex medical device solutions for congenital
(e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired
(e.g., stroke, spinal cord injury, traumatic brain injury,
post-acute recovery, pressure ulcers) and degenerative (e.g., ALS,
multiple sclerosis, elderly, bariatric) ailments. The company’s
products are important parts of care for people with a wide range
of challenges, from those who are active and involved in work or
school each day and may need additional mobility support, to those
who are cared for in residential care settings, at home and in
rehabilitation centers. The company sells its products principally
to home medical equipment providers with retail and e-commerce
channels, residential care operators, distributors and government
health services in North America, Europe, and Asia/Pacific. For
more information about the company and its products, visit
Invacare’s website at www.invacare.com.
This press release contains forward-looking statements within
the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are those that describe future outcomes or expectations
that are usually identified by words such as “will,” “may,”
“should,” “could,” “plan,” “intend,” “expect,” “continue,”
“forecast,” “believe,” and “anticipate” as well as similar
comments, denote forward-looking statement that are subject to
inherent uncertainties that are difficult to predict. These
include, for example, statements related to the company’s ability
to address on-going supply chain challenges; sales and free cash
flow trends; the impact of contingency plans and cost containment
actions; the company’s liquidity and working capital expectations;
the company’s future financial results; and similar statements.
Actual results and events may differ materially as a result of
various risks and uncertainties, including the duration and scope
of the COVID-19 pandemic, the pace of resumption of access to
healthcare, including clinics and elective care, and loosening of
public health restrictions, or any reimposed restrictions on access
to healthcare or tightening of public health restrictions and
impact on the demand for the company’s products; possible adverse
effects on the company’s liquidity, including the company’s ability
to address future debt maturities or refinancing, restructure or
exchanges its existing debt; possible adverse effects of being
leveraged, including interest rate or event of default risks; any
failure to satisfy the continued listing standards of the New York
Stock Exchange (“NYSE”) and delisting of the company’s common
shares from the NYSE; the ability of the company to successfully
improve output and convert open orders into sales; global shortages
in, or increasing costs for, transportation and logistics services
and capacity; the availability and cost to the company of needed
raw materials and components from its suppliers; actions that
governments, businesses and individuals take in response to the
pandemic, including mandatory business closures and restrictions on
onsite commercial interactions; the impact of the pandemic or
political or geopolitical crises, such as the Russian war with
Ukraine, and actions taken in response to the pandemic on global
and regional economies and economic activity; the pace of recovery
when the COVID-19 pandemic subsides; general economic uncertainty
in key global markets and a worsening of global economic conditions
or low levels of economic growth, including negative conditions
attributable to inflationary economic conditions; the effects of
steps the company has taken or will take to reduce operating costs;
the ability of the company to successfully focus on lifestyle and
mobility & seating products, sustain profitable sales growth,
achieve anticipated improvements in segment operating performance,
convert high inventory levels to cash or reduce its costs; lack of
market acceptance of the company’s new product innovations;
potential adverse effects of revised product pricing and/or product
surcharges on revenues or the demand for the company’s products;
circumstances or developments that may make the company unable to
implement or realize the anticipated benefits, or that may increase
the costs, of its current and planned business initiatives, in
particular the key elements of its enhanced transformation and
growth plan such as its new product introductions,
commercialization plans, additional investments in sales force and
demonstration equipment, product distribution strategy in Europe,
supply chain actions and global information technology outsourcing
and ERP implementation activities; increases in interest rates or
the cost of borrowing; adverse changes in government and
third-party payor reimbursement levels and practices in the U.S.;
decreased availability or increased costs of materials which could
increase the company’s cost of producing or acquiring the company’s
products, including the adverse impacts of tariffs and increases in
commodity costs or freight costs; consolidation of health care
providers; increasing pricing pressures in the markets for the
company’s products; risks of failures in, or disruptions to, legacy
IT systems; risks of cybersecurity attack, data breach or data loss
and/or delays in or inability to recover or restore data and IT
systems; adverse effects of the company’s consent decree of
injunction with the U.S. Food and Drug Administration (“FDA”),
including but not limited to, compliance costs, inability to
rebuild negatively impacted customer relationships, unabsorbed
capacity utilization, including fixed costs and overhead; any
circumstances or developments that might adversely impact the
third-party expert auditor’s required audits of the company’s
quality systems at the facilities impacted by the consent decree,
including any possible failure to comply with the consent decree or
FDA regulations or the inability to adequately address the matters
identified to us by the FDA; adverse impacts of new tariffs or
increases in commodity prices or freight and logistics costs;
regulatory proceedings or the company’s failure to comply with
regulatory requirements or receive regulatory clearance or approval
for the company’s products or operations in the United States or
abroad; adverse effects of regulatory or governmental inspections
of the company’s facilities at any time and governmental
investigations or enforcement actions; product liability or
warranty claims; product recalls, including more extensive warranty
or recall experience than expected; exchange rate fluctuations,
particularly in light of the relative importance of the company’s
foreign operations to its overall financial performance; legal
actions, including adverse judgments or settlements of litigation
or claims in excess of available insurance limits; tax rate
fluctuations; additional tax expense or additional tax exposures,
which could affect the company’s future profitability and cash
flow; uncollectible accounts receivable; risks inherent in managing
and operating businesses in many different foreign jurisdictions;
heightened vulnerability to a hostile takeover attempt or other
shareholder activism; provisions of Ohio law or in the company’s
debt agreements, charter documents or other agreements that may
prevent or delay a change in control; and those other risks and
uncertainties expressed in the cautionary statements and risk
factors in the company’s annual report on Form 10-K, quarterly
reports on Form 10-Q and other filings with the Securities and
Exchange Commission. The company may not be able to predict and may
have little or no control over many factors or events that may
influence its future results and, except as required by law, shall
have no obligation to update any forward-looking statements.
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INVESTOR CONTACT: Lois Lee loislee@invacare.com 440-329-6435
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