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Stock Market & Financial Investment News

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February 3, 2014
07:33 EDTIVCInvacare announces amendment to credit agreement
Invacare announced that it has "successfully" amended its credit agreement effective January 31. The amended agreement provides the company with additional flexibility on its maximum leverage ratio financial covenant through September 30. The company said, "Over the first nine months of 2013, we reduced our debt outstanding by $179.2M to a total debt outstanding of $58.9M as of September 30, 2013. We are confident that we will successfully exit this challenging period and begin to regain our custom power wheelchair market share." The new maximum leverage ratio for the first three quarters of 2014 has been increased as compared to the prior credit agreement. In calculating the company's EBITDA for purposes of determining the ratios, the credit agreement amendment also allows the company to add back to EBITDA up to $20M for one-time cash restructuring charges, representing an incremental increase of $5M from prior credit agreement terms. In order to align its debt capacity and related costs with anticipated needs, the company also has reduced its revolving credit facility to $100M from $250M through the October 2015 maturity date of the facility.
News For IVC From The Last 14 Days
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July 24, 2014
06:55 EDTIVCInvacare reviewing credit options
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06:54 EDTIVCInvacare reports Q2 organic net sales decreased by 6.1% vs. a year ago
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06:39 EDTIVCInvacare CEO Gerald B. Blouch to retire
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06:36 EDTIVCInvacare reports Q2 adjusted EPS (36c), consensus (22c)
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