ELYRIA, Ohio–(BUSINESS WIRE)–Invacare Corporation (NYSE: IVC) announced today that it has determined that its 4.125% Convertible Senior Subordinated Debentures due 2027 (CUSIP No. 461203AD3) (the “Convertible Debentures”) have become convertible at the option of the holders beginning on July 1, 2011 and will remain convertible through September 30, 2011, as provided in the Indenture relating to the Convertible Debentures, dated as of February 12, 2007, between Invacare and Wells Fargo Bank, N.A., as Trustee (the “Indenture”).
The Convertible Debentures are convertible because the closing price of Invacare’s common shares exceeded the conversion threshold price of $32.23 per share (130 percent of the applicable conversion price of $24.79 per share) for at least 20 trading days during the 30 consecutive trading days ending June 30, 2011. Accordingly, from July 1, 2011 until September 30, 2011, holders of the Convertible Debentures may elect to convert some or all of their Convertible Debentures as provided in the Indenture. Invacare may deliver common shares, cash or a combination of cash and common shares, as determined in Invacare’s discretion, in satisfaction of its obligations upon conversion of the Convertible Debentures.
Whether the Convertible Debentures will be convertible at any time after September 30, 2011 will depend on whether any of the conversion conditions specified in the Indenture are satisfied, including whether the price of Invacare’s common shares exceeds the conversion threshold price for the requisite number of trading days during subsequent quarters.
Holders of the Convertible Debentures may obtain further information on how to convert their Convertible Debentures by contacting Wells Fargo Bank, N.A., the Conversion Agent for the Convertible Debentures, at the following address:
Wells Fargo Bank, N.A.
Corporate Trust Operations
MAC N9303-121
Sixth & Marquette Avenue
Minneapolis, MN 55479
Telephone: 800-344-5128
Facsimile: 612-667-6282
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell any Convertible Debentures or common shares of Invacare.
Invacare Corporation (NYSE: IVC), headquartered in Elyria, Ohio, is the global leader in the manufacture and distribution of innovative home and long-term care medical products that promote recovery and active lifestyles. The company has 6,300 associates and markets its products in 80 countries around the world. For more information about the company and its products, visit Invacare’s website at www.invacare.com.
Contact:
Lara Mahoney, 440-329-6393