Drive DeVilbiss Healthcare has agreed in principle to receive $35 million (£28m) in new capital together with a reduction in cash debt service obligations from its current lenders.
The transaction secured broad support across Drive’s capital structure, including a substantial majority of Drive’s first and second lien lenders and new capital from the company’s primary equity holders.
Bob Gilligan, the firm’s chief executive officer, said: “We are pleased with the strong demonstration of support that our stakeholders have shown to our business and strategic vision.
“The new capital and associated capital structure enhancements will enable Drive to continue to invest in improving our infrastructure to deliver high quality service to our customers, while also providing additional runway to execute on our business plan supporting continued growth.”
Drive DeVilbiss Healthcare manufactures and distributes a complete line of medical products, including mobility products, respiratory and sleep products, beds, wheelchairs, sleep surfaces and pressure prevention products, self‐assist products, power- operated wheelchairs, rehabilitation products, resident room equipment, personal care products and electrotherapy devices.