ST. LOUIS—EyeCare Partners LLC, a leading provider of clinically integrated eyecare, has announced it has closed a follow-on debt exchange with holders of its existing term loans following an initial debt exchange that closed in April. The combined exchanges represent participation of more than 98 percent of the company’s first lien term loan holders, more than 91 percent of its second lien term loan holders and 100 percent of its revolving credit facility (RCF) commitments.

As reported in VMAIL, EyeCare Partners announced in April that it had closed a private debt exchange with holders of a majority of its existing term loans. In addition, the company had said that it planned to launch a public debt exchange offer to remaining lenders.

According to EyeCare Partners, the follow-on exchange further strengthens the company’s balance sheet by capturing additional debt discount and cash-to-paid-in-kind interest flexibility, in addition to that achieved in the initial exchange. The closing of the initial exchange, follow-on exchange and $275 million new money superpriority term loan provides significant liquidity benefit and addresses a majority of the company’s debt maturities through 2027.

“We are strongly encouraged by the high participation level across our debt exchanges and the financial support for EyeCare Partners to execute on our long-term strategic initiatives,” said Chris Throckmorton, EyeCare Partners chief executive officer.

EyeCare Partners recently announced that Joel Day will take the helm as chief financial officer effective June 1, 2024, as reported in VMAIL on May 6; he will succeed Bob Gold, who has shared his intent to depart the organization effective May 31.

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. EyeCare Partners’ national network includes more than 300 ophthalmologists and 700 optometrists. The company includes more than 700 ECP-affiliated practice locations that provide services that span the eyecare continuum in 18 states and 30 markets.