Invacare Holdings enters loan amendment; new stockholder lenders advance ~$13M, terminates borrowing commitments

INVACARE HOLDINGS Corp

New Lenders (stockholders) advanced $13.06M to purchase original loans; includes $8.73M principal, $1.2M prepayment premium, $1.2M make-whole.
Additional $4.94M advance increases total principal; all lender commitments terminated; no further loans available.
Weekly budget and variance reporting added; expenditures outside permitted variances restricted.
Change of Control definition tightened: requires Continuing Directors and Special Committee majorities.
Loan parties release all offsets/defenses against existing principal obligation of $8.73M plus advances.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INVACARE HOLDINGS Corp amended First Amendment to Loan and Security Agreement with White Oak Commercial Finance, LLC as agent and certain lenders (effective 2024-02-26).

Action: amendment
Agreement: credit facility
Counterparty: White Oak Commercial Finance, LLC as agent and certain lenders
Effective: 2024-02-26

Exact text from the filing

On February 26, 2024, Invacare Holdings Corporation (the “ Company ”) entered into the First Amendment to Loan and Security Agreement (the “ First Amendment ”) by and among the Company, certain of the Company’s direct and indirect North American subsidiaries (the “ ABL Borrowers ”), certain other of the Company’s direct and indirect North American subsidiaries (together with the Company, the “ ABL Guarantors ”), Invacare International Holdings Corp., each lender party thereto (collectively, the “ New Lenders ”, each of which is a stockholder of the Company), and White Oak Commercial Finance, LLC, as administrative and as collateral agent (the “ Agent ”).

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Source: SEC EDGAR

accession 0000742112-24-000007

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