ELYRIA, Ohio--(BUSINESS WIRE)--Invacare Corporation (NYSE: IVC) announced today that it has amended its credit agreement effective September 30, 2014. The amended agreement provides the Company with additional flexibility in calculating its financial covenants through the duration of the credit agreement.
''We believe it is prudent to amend the terms of our existing credit agreement at this time to ensure we have flexibility on our covenant structure in light of a potential new warranty accrual that is under review. We appreciate the ongoing support of our current lenders. Over the past years, we have proactively managed our business to generate cash, including the divestitures of non-core businesses, and have paid down total debt outstanding by approximately $212.7 million since 2010 to $58.5 million as of June 30, 2014. We also are continuing to work on establishing a new credit facility with our banks, as our existing credit facility matures in October 2015,’' said Rob Gudbranson, Interim President and Chief Executive Officer.
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