Eye Care Centers receives consents to amend 9 1/8% notes, floating-rate term securities

New York, Jan. 20 - Eye Care Centers of America, Inc. said it has received the necessary consents to amend the indenture for its $100 million principal amount of 9 1/8% senior subordinated notes due 2008 and $30 million principal amount of floating-rate subordinated term securities due 2008.

Eye Care Centers announced on Jan. 3 it had begun a cash tender offer for its 9 1/8% notes and floating-rate subordinated term securities and was also soliciting consents to amend the note indenture to eliminate substantially all of the covenants and certain events of default.

Holders who tendered by the consent deadline of 5 p.m. ET on Jan. 14 will receive $1,032.92 per $1,000 principal amount of fixed-rate notes and $1,002.50 per $1,000 principal amount of floating-rate notes, including in each case the $2.50 per $1,000 consent payment.

Holders who tender after the consent deadline but before the expiration of midnight ET on Jan. 31 will receive $1,030.42 per $1,000 principal amount of fixed-rate notes and par for the floating-rate notes.

Eye Care Centers will also pay accrued interest up to but excluding the date of payment.

The San Antonio, Texas, operator of optical retail stores said it intends to redeem any notes not tendered after the offer expires.

The tender is subject to various conditions including the completion of the acquisition of Eye Care Centers by Moulin International Holdings Ltd. and Golden Gate Capital and the related financing transactions, as well as the receipt of consents necessary to approve the amendments to the indenture.

Global Bondholder Services Corp. is the information agent and depositary (866 294-2200 or call collect 212 430-3774). J.P. Morgan Securities Inc. is the dealer manager and solicitation agent (call collect 212 270-7407).

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