For Immediate Release:
Drive DeVilbiss Healthcare Agrees in Principle on Consensual Liquidity Enhancing Transaction
Port Washington, NY – September 20, 2019
Drive DeVilbiss Healthcare announced today that it agreed in principle to receive $35 million in new capital together with a reduction in cash debt service obligations from its current lenders. The transaction has 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. Drive is promptly implementing this agreement by formally soliciting the requisite consents and completing and executing definitive documentation.
“We are pleased with the strong demonstration of support that our stakeholders have shown to our business and strategic vision,” said Bob Gilligan, Chief Executive Officer. “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.”
About Drive DeVilbiss Healthcare
Headquartered in Port Washington, New York, 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. Currently, the Company has corporate offices, manufacturing facilities and distribution facilities located throughout the United States, Canada, the United Kingdom, France, Germany, China, Hong Kong, Romania, Australia, the Netherlands and India. The Company markets its products to customers located throughout the United States, Europe, Canada, Mexico, Central and South America, the Middle East and Asia. For more information, visit www.drivemedical.com.