Simpson Thacher recently represented National Vision Holdings, Inc. (Nasdaq: EYE) in connection with two related debt financing transactions intended to strengthen the company’s financial position in light of the coronavirus disease 2019 (“COVID-19”) pandemic.
The Firm acted as counsel to National Vision in a 144A offering of $402.5 million of 2.5% Convertible Senior Notes due 2025. National Vision used the net proceeds from the offering to repay outstanding term loans and revolving loans under its credit facilities.
Simpson Thacher also represented National Vision in connection with an amendment to its credit facilities, intended to prevent the effects of the COVID-19 pandemic, including the temporary closure of stores, from creating uncertainty relative to the company’s ability to comply with certain financial covenants. The amendment suspends certain financial maintenance covenants contained in the credit facilities until testing at the end of the second fiscal quarter of 2021.
National Vision is one of the largest optical retail companies in the United States with more than 1,150 retail stores operating under five retail brands, including America’s Best Contacts & Eyeglasses and Eyeglass World, offering a variety of products and services for customers’ eye care needs.
The Simpson Thacher team included Joe Kaufman, Sunny Cheong, Kirsten Harmon and Nicholas Halliburton (Capital Markets); Remy Denner (Credit); Marni Lerner (Corporate); Marcy Geller and Sophie Staples (Tax); and Jeanne Annarumma (ERISA).