Invacare Corporation Completes Private Exchange to Retire Approximately $35 Million Principal Amount of Its 5.0% Convertible Senior Notes Due 2021 and Approximately $39 Million Principal Amount of Its 4.5% Convertible Senior Notes Due 2022

Nachrichtenquelle: Business Wire (engl.)
04.06.2020, 23:26  |  128   |   |   

Invacare Corporation (NYSE: IVC) (the “Company”) announced the completion today of its previously announced separate private exchange transactions in which certain holders of its 5.0% Convertible Senior Notes due 2021 (the “2021 Notes”) and certain holders of its 4.5% Convertible Senior Notes due 2022 (the “2022 Notes”) exchanged approximately $35.4 million in aggregate principal amount of 2021 Notes and $38.5 million in aggregate principal amount of 2022 Notes, for aggregate consideration of approximately $73.9 million in aggregate principal amount of new 5.0% Series II Convertible Senior Exchange Notes due 2024 (the “New Notes”). Exchanging holders of the 2021 Notes received an equal principal amount of New Notes, plus an amount of cash equal to the accrued and unpaid interest on the exchanged 2021 Notes up to, but excluding the closing date and approximately $4.2 million in cash. Exchanging holders of the 2022 Notes received an equal principal amount of New Notes, plus an amount of cash equal to the accrued and unpaid interest on the exchanged 2022 Notes up to, but excluding the closing date and approximately $1.3 million in cash. Following the closing of these transactions, approximately $25.7 million in aggregate principal amount of the 2021 Notes and $81.5 million in aggregate principal amount of the 2022 Notes remain outstanding with terms unchanged.

The New Notes bear interest at a rate of 5.0% per year payable semi-annually in arrears on May 15 and November 15 of each year, beginning November 15, 2020. Interest on the New Notes will accrue from June 4, 2020. The principal amount of the New Notes also will accrete at a rate of approximately 4.7% per year commencing June 4, 2020, compounding on a semi-annual basis. The accreted portion of the principal is payable in cash upon maturity but does not bear interest and is not convertible into the Company’s common shares. The New Notes will mature on November 15, 2024, unless earlier repurchased, redeemed or converted. Additional terms of the New Notes are summarized in the Company’s press release issued on June 1, 2020 and the Form 8-K filed by the Company with the Securities and Exchange Commission on June 4, 2020.

Seite 1 von 4
Invacare Aktie jetzt ab 0€ handeln - auf Smartbroker.de

Diesen Artikel teilen

0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

Meistgelesene Nachrichten des Autors

Titel
Titel
Titel
Titel