Invacare Corporation has successfully amended its credit agreement effective January 31, 2014. The amended agreement provides the company with additional flexibility on its maximum leverage ratio financial covenant through September 30, 2014.

An SEC filing lists PNC Bank as administrative agent and Key Bank and Bank of America as co-syndication agents.

''In partnership with our lenders, we are pleased to have completed this amendment to our credit agreement. The company is actively managing its capital structure and reducing debt levels as we work through the phase of the consent decree with the United States Food and Drug Administration that limits production at our Taylor Street wheelchair manufacturing facility in Elyria, Ohio. Over the first nine months of 2013, we reduced our debt outstanding by $179.2 million to a total debt outstanding of $58.9 million as of September 30, 2013. We are confident that we will successfully exit this challenging period and begin to regain our custom power wheelchair market share. We would like to thank our lenders for their continued support,'' said Gerald B. Blouch, President and Chief Executive Officer.

The new maximum leverage ratio for the first three quarters of 2014 has been increased as compared to the prior credit agreement. In calculating the company's EBITDA for purposes of determining the ratios, the credit agreement amendment also allows the company to add back to EBITDA up to $20 million for one-time cash restructuring charges, representing an incremental increase of $5,000,000 from prior credit agreement terms.

In order to align its debt capacity and related costs with anticipated needs, the company also has reduced its revolving credit facility to $100 million from $250 million through the October 2015 maturity date of the facility.

Invacare Corporation, 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 5,400 associates and markets its products in approximately 80 countries around the world.