Integra’s October 19 refinancing puts borrowing costs in focus for holders of its Nasdaq-listed IART shares. Does the approaching seasonal record offer encouragement?[1][3]
The November 3–February 23 window finished higher in all seven selected midterm-election years spanning 1998–2022. Its next occurrence runs November 3, 2026–February 23, 2027, but broader histories include losses, tempering that favorable finding.[3]
What the refinancing changes
The agreement offers up to $1.65 billion through secured revolving and term-loan facilities, not cash received. Maturities are five or seven years; initial SOFR margins are 3.00% for the revolver and term loan A, and 4.25% for term loan B. Separately, $450 million of senior secured notes carry a 9.500% annual coupon, mature November 1, 2033, and begin interest payments May 1, 2027. Part of the proceeds repaid all prior credit-agreement loans; the former revolving commitments ended.[1]
The July 29 filing supplies older context: June 30 cash was $214.4 million versus $235.0 million at December 31, 2025. Second-quarter revenue was $418.761 million versus $415.605 million in 2025. Neither the cash chart nor those results describes the business after refinancing.[2]
Integra's reported cash and cash equivalents
Balance-sheet dates before the October refinancing
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| Measure | Value | Period | Status |
|---|---|---|---|
| Dec. 31, 2025 | 235 | 2025-12-31 | reported |
| June 30, 2026 | 214.4 | 2026-06-30 | reported |
A favorable selected record
TradeWave’s selected seasonal record gives the timing question substance: the median full-window long result was 16.14%. These seven observations are selected midterm years, not consecutive years, and cannot establish that elections caused the gains.[3]
The year-by-year seasonal record
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| Window starting year | Ending price change | Highest from entry | Lowest from entry |
|---|---|---|---|
| 1998 | +17.65% | +25.00% | -29.41% |
| 2002 | +16.88% | +20.83% | -2.76% |
| 2006 | +14.31% | +14.65% | -0.10% |
| 2010 | +16.14% | +20.58% | -2.12% |
| 2014 | +10.82% | +13.13% | -9.59% |
| 2018 | +3.86% | +5.88% | -21.79% |
| 2022 | +16.53% | +24.47% | -1.34% |
Explore this exact seasonal window in TradeWave. Compare its win rate and average result across different histories, and inspect how far prices moved above or below their starting point. Account access applies in TradeWave.
A gain can conceal a difficult period
The yearly range chart covers the same seasonal period each year, not whole calendar years. November 3, 2018–February 23, 2019 is useful because its 3.86% ending gain accompanied a move 21.79% below the starting price. A profitable finish therefore concealed substantial discomfort. The highs and lows reveal neither their order nor a peak-to-trough loss, and provide no forecast.[3]
What happened inside each seasonal window
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| Window starting year | Ending price change | Highest from entry | Lowest from entry |
|---|---|---|---|
| 1998 | +17.65% | +25.00% | -29.41% |
| 2002 | +16.88% | +20.83% | -2.76% |
| 2006 | +14.31% | +14.65% | -0.10% |
| 2010 | +16.14% | +20.58% | -2.12% |
| 2014 | +10.82% | +13.13% | -9.59% |
| 2018 | +3.86% | +5.88% | -21.79% |
| 2022 | +16.53% | +24.47% | -1.34% |
Broader histories soften the signal
Checking the same dates across all years tests how widely the finding holds: both 2016–2025 and 2006–2025 show 70.0% profitable windows. That supports a favorable tendency, with less confidence than the perfect seven-window sample suggests. Each comparison reuses selected midterm observations, and the shorter history sits entirely inside the longer one, limiting independent confirmation.[3]
See the history behind this comparison
TradeWave checks the same seasonal dates across different sets of years. This helps show whether the pattern holds up when you look at another stretch of history.
| History | Observed start years | Direction | Success rate | Median result |
|---|---|---|---|---|
| Article study: 7 selected midterm-election years (1998–2022) | 1998, 2002, 2006, 2010, 2014, 2018, 2022 | long | 100.0% | 16.14% |
| 10 consecutive historical windows (2016–2025) | 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025 | long | 70.0% | 6.48% |
| 20 consecutive historical windows (2006–2025) | 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025 | long | 70.0% | 6.07% |
Some years appear in more than one group, so agreement is not an independent test. A requested lookback can extend beyond available history; the observed years are listed above. Election-cycle groups use matching phases, not consecutive years. Results follow the direction shown: a positive short result means prices fell. Small samples and different market periods make the comparison less conclusive.
Before November 3
Recorded prices end October 21, 2026, and cannot establish November’s entry conditions. The following chart uses these same seven selected years for the engine’s seasonal overlay over the next 60 weekdays, October 22, 2026–January 13, 2027. That shorter horizon illustrates historical shape, not future recorded prices or a target. Before November 3, inspect the same window across histories in TradeWave and compare ending returns with the losses endured within it.[3]
Price history and the seasonal outlook
Explore this exact seasonal window in TradeWave. Compare its win rate and average result across different histories, and inspect how far prices moved above or below their starting point. Account access applies in TradeWave.
About this seasonal analysis
7 selected midterm-election years (1998–2022). The selected dates, years, direction, returns and ranges come from TradeWave. When a window boundary is a weekend or market holiday, TradeWave uses the next available trading session. SMN displays the returned results without recalculating them. A year label identifies the start of the historical window; a window can end in the following calendar year.
Green and red bars show the underlying adjusted-price movement. The range endpoints measure changes from the entry price, not a peak-to-trough loss. Historical results are before trading costs and do not guarantee future performance.
Sources & methodology
- Form 8-K: Credit agreement and senior secured notes · 2026-10-19
- Form 10-Q for the quarterly period ended June 30, 2026 · 2026-07-29
- TradeWave IART seasonal evidence · 2026-10-22