Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
IVC > SEC Filings for IVC > Form 8-K on 3-Feb-2014All Recent SEC Filings

Show all filings for INVACARE CORP

Form 8-K for INVACARE CORP


3-Feb-2014

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01 Entry into a Material Definitive Agreement.
On January 31, 2014, Invacare Corporation (the "Company") entered into an Amended and Restated Credit Agreement (the "Amended and Restated Credit Agreement"), 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 and restated the Credit Agreement, dated as of October 28, 2010, by and among the Company and the other parties named therein, as amended (the "Prior Credit Agreement").
The Amended and Restated Credit Agreement, among other things, provides for the following:
An increase in the maximum leverage ratio for the first three quarters of 2014, with quarterly ratios, as described in the following table:

Fiscal Quarter Ending            Maximum Leverage Ratio
March 31, 2014                   4.75 to 1.00
June 30, 2014                    4.50 to 1.00
September 30, 2014               4.00 to 1.00

December 31, 2014 and thereafter 3.50 to 1.00

The minimum interest coverage ratio of 3.50 to 1.00 was not changed in the Amended and Restated Credit Agreement.

         In calculating the Company's EBITDA for purposes of determining the
          leverage and interest coverage ratios, the Amended and Restated Credit
          Agreement allows the Company to add back to EBITDA up to $20,000,000
          for one-time cash restructuring charges incurred after May 30, 2013,
          which is an incremental increase of $5,000,000 from the terms of the
          Prior Credit Agreement.


         A decrease in the aggregate principal amount of the revolving credit
          facility to $100,000,000 from $250,000,000 through the maturity date of
          the facility in October 2015, as well as reductions in the facility's
          swing line loan, optional currency and foreign borrower sublimits.


         Reductions in the allowances under the facility for capital
          expenditures (down to $25,000,000 annually), dividends, other
          indebtedness and liens.


         Further restrictions on acquisitions, share repurchases, certain
          investments and repurchases of convertible debt until after the Company
          confirms compliance with the Amended and Restated Credit Agreement
          following the quarter ending December 31, 2014.


         An increase of 25 basis points in the margin applicable to determining
          the interest rate on borrowings under the revolving credit facility.

The foregoing description of the Amended and Restated Credit Agreement is a summary and is qualified in its entirety by reference to the full text of the Amended and Restated Credit Agreement, 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.
Item 7.01 Entry into a Material Definitive Agreement.
On February 3, 2014, the Company issued a press release announcing the Amended and Restated Credit Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference into this Item 7.01.




Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

Exhibit Number   Description of Exhibit

10.1             Amended and Restated Credit Agreement, dated as of January 31,
                 2014, 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.
                 (Pursuant to Item 601(b)(2) of Regulation S-K, the registrant
                 hereby agrees to supplementally furnish to the Securities and
                 Exchange Commission upon request any omitted schedule or exhibit
                 to the agreement.)

99.1             Press Release, dated February 3, 2014.

  Add IVC to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for IVC - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.