Advancing Eyecare prices term loans at SOFR plus 575 bps

By Sara Rosenberg

New York, May 31 – Advancing Eyecare priced its $250 million seven-year first-lien term loan and $50 million delayed-draw first-lien term loan at SOFR+CSA plus 575 basis points with a 0.5% floor and an original issue discount of 97.5, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan debt has 101 soft call protection for one year, the source said.

The company’s $340 million of credit facilities (B3/B-) also include a $40 million five-year revolver.

UBS Investment Bank, Jefferies and Golub Capital are the joint lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Cornell Capital LLC from Atlantic Street Capital.

Closing is expected this quarter, subject to customary conditions.

Advancing Eyecare is a Jacksonville, Fla.-based provider of ophthalmic instruments.

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