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New investment for company with ownership of eyecare practices.
April 24, 2024
EyeCare Partners LLC, a provider of clinically integrated eyecare, announced it closed a private debt exchange with holders of a majority of its existing term loans, the company announced in a press release posted to Business Wire.
In addition, the EyeCare Partners said it plans to launch a public debt exchange offer to remaining lenders, which is expected to further benefit the company through incremental debt discount capture and debt service flexibility.
EyeCare Partners said the completed transaction signals stakeholder confidence in the company and provides significant liquidity benefit through a combination of $275 million of new money, meaningful cash-to-paid-in-kind interest conversion and discount capture.
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Existing lenders also agreed to extend maturities, further strengthening the company’s liquidity position, according to EyeCare Partners, which also noted that the transaction significantly decreases the company’s debt balances while reducing its cash interest expense. There is no impact on EyeCare Partners’ equity ownership.
“In strengthening the financial position of EyeCare Partners through this transaction, we have enhanced our ability to continue delivering on our mission to enhance vision, advance eyecare and improve lives,” said Chris Throckmorton, EyeCare Partners Chief Executive Officer. “We are encouraged by the confidence and support of our financial partners and look forward to accelerating execution of our strategic growth initiatives, driving innovation and collaboration to meet the evolving needs of our patients and practices.”
