EyeCare Partners Announces Refinancing Transaction Completion

Company closes Follow-on Exchange Offer with Existing Term Loan Lenders following Initial Exchange

ST. LOUIS--(BUSINESS WIRE)--EyeCare Partners LLC ("EyeCare Partners", or the "Company"), the nation’s leading provider of clinically integrated eye care, announced today it has closed a follow-on debt exchange with holders of its existing term loans following an initial debt exchange closed in April. The combined exchanges represent participation of more than 98% of the Company's first lien term loan holders, more than 91% of its second lien term loan holders and 100% of its Revolving Credit Facility ("RCF") commitments.

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.

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.

Gibson, Dunn & Crutcher LLP served as legal advisor, and Evercore Group L.L.C. served as financial advisor to an ad hoc group of 1L holders in the transaction. Dechert LLP served as legal advisor, and Perella Weinberg Partners LP served as financial advisor to an ad hoc group of 2L holders in the transaction.

About EyeCare Partners

EyeCare Partners is the nation’s leading provider of clinically integrated eye care. Our national network of over 300 ophthalmologists and 700 optometrists provides a lifetime of care to our patients with a mission to enhance vision, advance eye care and improve lives. Based in St. Louis, Missouri, over 700 ECP-affiliated practice locations provide services that span the eye care continuum in 18 states and 30 markets. For more information, visit www.eyecare-partners.com, and follow us on LinkedIn.