Invacare closes up to $104.5 million term loan with $66.5 million initial draw

By Wendy Van Sickle

Columbus, Ohio, July 26 – Invacare Corp. entered into a term loan agreement with certain funds managed by Highbridge Capital Management LLC, providing for delayed draws of up to $104.5 million, according to a news release.

The company completed an initial drawdown of $66.5 million under the term loan agreement on Tuesday.

The secured term loan matures on July 26, 2026 and accrues interest at an initial annual rate of SOFR plus 700 basis points and after the second anniversary of the closing date at an annual rate of SOFR plus 875 bps. The company may draw the remaining $38 million from the in three incremental tranches subject to some conditions.

Also, Invacare amended its asset-based lending credit facility to extend its maturity to Jan. 16, 2026 and reduce the maximum notional amount of the facility to $35 million from $90 million. Proceeds from the term loan were used to repay in full outstanding borrowings under the ABL credit facility.

Invacare is an Elyria, Ohio-based medical equipment manufacturer.

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