EyeCare Partners Announces Refinancing Transaction Completion
May 03 2024 - 4:35PM
Business Wire
Company closes Follow-on Exchange Offer with
Existing Term Loan Lenders following Initial Exchange
EyeCare Partners LLC ("EyeCare Partners", or the "Company"), the
nation’s leading provider of clinically integrated eye care,
announced today it has closed a follow-on debt exchange with
holders of its existing term loans following an initial debt
exchange closed in April. The combined exchanges represent
participation of more than 98% of the Company's first lien term
loan holders, more than 91% of its second lien term loan holders
and 100% of its Revolving Credit Facility ("RCF") commitments.
The follow-on exchange further strengthens the Company’s balance
sheet by capturing additional debt discount and
cash-to-paid-in-kind interest flexibility, in addition to that
achieved in the initial exchange. The closing of the initial
exchange, follow-on exchange and $275 million new money
superpriority term loan provides significant liquidity benefit and
addresses a majority of the Company’s debt maturities through
2027.
“We are strongly encouraged by the high participation level
across our debt exchanges and the financial support for EyeCare
Partners to execute on our long-term strategic initiatives,” said
Chris Throckmorton, EyeCare Partners Chief Executive Officer.
Kirkland & Ellis LLP served as the Company’s legal advisor,
Centerview Partners LLC served as its financial advisor and
Berkeley Research Group LLC served as its operational advisor in
the transaction.
Gibson, Dunn & Crutcher LLP served as legal advisor, and
Evercore Group L.L.C. served as financial advisor to an ad hoc
group of 1L holders in the transaction. Dechert LLP served as legal
advisor, and Perella Weinberg Partners LP served as financial
advisor to an ad hoc group of 2L holders in the transaction.
About EyeCare Partners
EyeCare Partners is the nation’s leading provider of clinically
integrated eye care. Our national network of over 300
ophthalmologists and 700 optometrists provides a lifetime of care
to our patients with a mission to enhance vision, advance eye care
and improve lives. Based in St. Louis, Missouri, over 700
ECP-affiliated practice locations provide services that span the
eye care continuum in 18 states and 30 markets. For more
information, visit www.eyecare-partners.com, and follow us on
LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240503013707/en/
Rhonda Sciarra Senior Director, Corporate Communications
rhondasciarra@eyecare-partners.com (636) 628-2811