Eye Care Centers of America to launch $150 million 10-year notes Thursday

By Paul A. Harris

St. Louis, Jan. 19 - Eye Care Centers of America Inc. will launch its $150 million offering of 10-year senior subordinated notes (Caa1/CCC+) in a roadshow beginning Thursday, according to market sources.

The notes are expected to price late in the week of Jan. 24.

The notes will come with five years of call protection.

JP Morgan is the bookrunner for the Rule 144A with registration rights offering. The offering is also expected to include co-managers.

The company will also obtain a $165 million senior secured term loan B and a $25 million senior secured revolving credit facility.

Proceeds will be used to help fund Moulin International Holdings Ltd.'s and Golden Gate Capital's acquisition of Eye Care Centers from Thomas H. Lee.

Eye Care Centers is a San Antonio, Texas-based optical retail chain.

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