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IVC > SEC Filings for IVC > Form 8-K on 31-May-2013All Recent SEC Filings

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Form 8-K for INVACARE CORP


31-May-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.
On May 30, 2013, Invacare Corporation (the "Company") entered into a Fourth Amendment to Credit Agreement (the "Amendment"), by and among the Company, the other Borrowers party thereto, the Guarantors party thereto, the Lenders party thereto and PNC Bank, National Association, as administrative agent, which amended the Credit Agreement, dated as of October 28, 2010, by and among the Company and the other parties named therein, as amended by the First Amendment to Credit Agreement dated as of April 5, 2011, the Second Amendment to Credit Agreement dated as of November 22, 2011 and the Third Amendment to Credit Agreement dated as of June 7, 2012 (collectively, the "Credit Agreement"). Pursuant to the Amendment, the Credit Agreement was amended to, among other things: (i) decrease the aggregate principal amount of the revolving credit facility to $250,000,000 from $400,000,000, and limit the Company's borrowings under the revolving credit facility to an amount not to exceed $200,000,000 aggregate principal amount through December 31, 2013; (ii) increase the maximum leverage ratio (consolidated funded indebtedness to consolidated EBITDA, each as defined in the Credit Agreement, as amended) to 4.00 to 1.00 from 3.50 to 1.00 until January 1, 2014, when the maximum leverage ratio will revert back to 3.50 to 1.00; (iii) decrease the minimum interest coverage ratio (consolidated EBITDA to consolidated interest charges, each as defined in the Credit Agreement, as amended) to 3.00 to 1.00 from 3.50 to 1.00 until January 1, 2014, when the minimum interest coverage ratio will revert back to 3.50 to 1.00; (iv) in calculating consolidated EBITDA for purposes of determining the ratios, provide for the add back to consolidated EBITDA of up to an additional $15,000,000 for future one-time cash restructuring charges and (v) provide for an increase of (A) 25 basis points in the margin applicable to determining the interest rate on borrowings under the revolving credit facility and letter of credit fees and (B) 10 basis points in the commitment fee, all during periods when the leverage ratio exceeds 3.50 to 1.00.
The foregoing description of the Amendment is a summary and is qualified in its entirety by reference to the full text of the Amendment, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated by reference into this Item 1.01.
On May 30, 2013, the Company issued a press release announcing the Amendment, a copy of which is attached this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference into this Item 1.01. Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

Exhibit Number   Description of Exhibit

10.1             Fourth Amendment to Credit Agreement, dated as of May 30, 2013,
                 by and among the Company, the other Borrowers party thereto, the
                 Guarantors party thereto, the Lenders party thereto and PNC
                 Bank, National Association, as administrative agent.

99.1             Press Release, dated May 30, 2013.

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