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Invacare prices upsized $105M debt offering

Published 06/09/2017, 07:02 AM
© Reuters.  Invacare prices upsized $105M debt offering
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  • Invacare (NYSE:IVC) prices its private offering of $105M (up from $100M) aggregate principal amount of 4.50% convertible senior notes due 2022 at par. Initial purchasers will have an option to buy an additional $15M of the notes.
  • The initial conversion rate will be 61.6095 common shares per $1,000 principal amount of the notes (~$16.23/share).
  • Until the company obtains shareholder approval to issue shares upon conversion and its 5.00% convertible senior notes due 2021, the notes will be convertible into cash, subject to conditions.
  • Net proceeds of ~$100.1M will fund the purchase of a convertible hedge transaction, working capital and general corporate purposes. Closing date is June 14.
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