EyeCare Partners Announces Refinancing Transactions, Secures New Money Investment
April 19 2024 - 4:30PM
Business Wire
Company Receives $275 Million to Advance Key
Strategic Initiatives and Launches Public Exchange Offer to
Remaining Existing Term Loan Lenders
EyeCare Partners LLC ("EyeCare Partners", or the "Company"), the
nation’s leading provider of clinically integrated eye care,
announced today it has closed a private debt exchange with holders
of a majority of its existing term loans. In addition, the Company
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.
The completed transaction signals stakeholder confidence in
EyeCare Partners 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.
Existing lenders also agreed to extend maturities, further
strengthening the Company’s liquidity position. 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 eye care 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.”
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. Davis
Polk & Wardwell LLP served as legal advisor to the
administrative agent and to Macquarie Capital, who acted as the
initial lender in connection with the new money in the transaction.
Ankura Consulting Group, LLC served as financial advisor to the
administrative agent.
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/20240417525976/en/
Rhonda Sciarra Senior Director, Corporate Communications
rhondasciarra@eyecare-partners.com (636) 628-2811