National Vision to pay down all first-, second-lien term loans via IPO

By Angela McDaniels

Tacoma, Wash., Sept. 29 – National Vision Holdings, Inc. plans to repay its first- and second-lien term loans in full with the proceeds of its initial public offering of stock, according to an S-1 filing with the Securities and Exchange Commission.

As of July 1, the company had $125 million of second-lien term loans due 2022 outstanding and $804.4 million of first-lien term loans due 2021 outstanding.

As of that date, the second-lien term loans had an effective interest rate of 6.98%, and the first-lien term loans had an effective interest rate of 4.23%.

To the extent the company raises more proceeds in the IPO than expected, it will repay additional amounts of its first-lien term loans. To the extent it raises less proceeds than expected, it will reduce the amount of first-lien term loans that will be repaid.

National Vision is a Duluth, Ga.-based optical retailer.

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