Baker McKenzie has advised an investment fund managed by Highbridge Capital Management on a financing transaction for Invacare Corporation. Highbridge as lender and Invacare as borrower entered into an USD 104.5 million senior secured credit agreement providing for delayed drawdowns subject to certain conditions.
Invacare completed an initial drawdown of USD 66.5 at the end of July 2022. At the beginning of October 2022, the company announced the consummation of additional draws of an aggregate of USD 18.5 million under the credit agreement with Highbridge. Additional commitments of USD 19.5 million remain available under such credit agreement, subject to the satisfaction of certain conditions set forth therein.
Headquartered in New York and founded in 1992, Highbridge Capital Management is a global alternative investment firm offering credit and volatility focused solutions across a range of liquidity and investment profiles, including hedge funds, drawdown vehicles and co-investments. The firm seeks to generate attractive risk-adjusted returns for sophisticated investors, which include financial institutions, public and corporate pension funds, sovereign wealth funds, endowments and family offices.
Invacare is a leading manufacturer and distributor in its markets of medical equipment used in non-acute care settings. The company sells its products to home medical equipment providers with retail and e-commerce channels, residential care operators, distributors and government health services in North America, Europe and Asia Pacific.
Baker McKenzie has advised Highbridge on all European (incl. Switzerland and UK), Canadian and Australian legal aspects of the deal. The Switzerland team was led by Matthias Courvoisier (partner, capital markets, pictured left) and consisted of Charlotte Sophie Rüegg (senior associate, banking & finance / capital markets, pictured right) and Sammy Guidoum (associate, banking & finance / capital markets). Furthermore, lawyers from different Baker McKenzie’s offices were involved in the transaction.