PNC Agents Invacare ABL Revolver
Invacare announced the completion of a new $100 million asset-based revolving credit and security agreement maturing in January 2018. The new credit facility replaces the company’s prior senior secured credit facility, which was to mature in October 2015.
According to the company’s 8-K filing, PNC Bank served as administrative agent. PNC is joined by JPMorgan Chase, KeyBank and Citizens Bank as lenders.
The borrowing availability under the new credit facility is determined based on, among other things, the value of the Company’s eligible accounts receivable, inventory, machinery and equipment assets in the United States and Canada, up to a maximum aggregate borrowing amount of $100 million.
“Under the new ABL credit facility, the Company will not have financial covenant limitations, such as the debt leverage covenant which was in the previous credit agreement. We appreciate the support of our bank group in negotiating this new facility,” said Robert K. Gudbranson, interim president and chief executive officer, and senior vice president and chief financial officer.
Elyria, OH-based Invacare manufactures and distributes innovative home and long-term care medical products that promote recovery and active lifestyles.