DULUTH, Ga.—National Vision Holdings, Inc. (NASDAQ: EYE), one of the largest optical retail companies in the U.S., has announced that it has reached agreement to repurchase approximately $218 million aggregate principal amount of its 2.50 percent convertible senior notes due in 2025 for an aggregate cash repurchase price of approximately $215 million, plus accrued and unpaid interest on such notes. National Vision also announced that it has secured commitments to amend its existing credit agreement to provide for, among other things, $115 million of incremental term loans, which commitments are expected to close and be funded on August 9, 2024.

The new term loans will have the same terms as the existing term loans under the credit agreement and will constitute the same class of loans for all purposes under the credit agreement, the company said. National Vision said it expects to fund the repurchase transactions with the proceeds of the new term loans, together with cash on hand.

“We are pleased to be in a position to complete this opportunistic repurchase of the majority of our remaining 2025 notes outstanding," said Melissa Rasmussen, chief financial officer of National Vision. "We believe the transactions announced today strengthen our balance sheet as we continue to execute a disciplined capital allocation plan, and we remain focused on making prudent decisions that strengthen our foundation for profitable growth."

The repurchase transactions are expected to close on or about August 12, 2024, the company said. Following the closing of the repurchase transactions, approximately $85 million principal amount of the 2025 notes will remain outstanding.

National Vision Holdings, Inc. has more than 1,200 stores in 38 states and Puerto Rico. The company operates four retail brands: America’s Best, Eyeglass World, Vista Opticals inside select Fred Meyer stores and on select military bases, and an e-commerce website DiscountContacts.com, offering a variety of products and services for customers’ eyecare needs.