Eye Care Centers of America redeems 10¾% notes; other notes called

By Jennifer Chiou

New York, Jan. 7 - Eye Care Centers of America, Inc. redeemed its 10¾% senior subordinated notes due 2015 using borrowings under a new credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

On Wednesday, HVHC Inc., which indirectly wholly owns Eye Care Centers, announced the completion of a refinancing transaction in which it entered into the credit facility with a syndicate of lenders led by PNC Bank, NA.

Other proceeds from the credit agreement went toward more refinancing. Further, Eye Care Centers called all of its notes for redemption on Feb. 16.

San Antonio-based Eye Care Centers operates optical retail stores and is a part of HVHC. HVHC is a subsidiary of Pittsburgh-based health insurer Highmark.

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