Invacare Corp. Announces Additional Term Loan
- By Laurie Watanabe
- Jan 04, 2023
Invacare Corp. has acquired a $5.5 million term loan as part of its credit agreement with funds managed by Highbridge Capital Management LLC.
In a Dec. 27 news announcement, Invacare President/CEO Geoff Purtill said, “As guided in the [2022 third-quarter] 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.”
Invacare said it will use the loan “for general corporate purposes.” The manufacturer could also draw on an additional $14 million of liquidity that “remains available under the Amended Highbridge Credit Agreement, subject to satisfaction of certain conditions set forth therein.”
Invacare announced in late November that Purtill would take over for Matthew E. Monaghan, the Chairman/President/CEO who stepped down in late August, as the manufacturer referenced a “business transformation.”
In a Nov. announcement, Purtill, who’d served as interim President/CEO since Monaghan’s August departure, said Invacare would focus on lifestyle, mobility, and seating categories going forward, and would discontinue its respiratory product lines. At that time, Purtill said seating, mobility, and patient lifestyle products “are core to improving Invacare’s growth and profitability.”
Laurie Watanabe is the editor of Mobility Management. She can be reached at email@example.com.