Eye Care Centers tenders for 10¾% notes

New York, May 8 - Eye Care Centers of America Inc. announced it has begun a cash tender offer and consent solicitation for its 10¾% senior subordinated notes due 2015.

The company is offering $1,030 per $1,000 principal amount, which includes a consent payment of $20 per $1,000.

Only holders who tender with consents by 5 p.m. ET on May 19 will receive the consent payment.

The tender ends at midnight ET on June 5.

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

The company is also soliciting consents to amend the note indenture to eliminate substantially all of the covenants and certain events of default.

The offer is being conducted as part of the acquisition of Eye Care Centers by Highmark Inc.

Eye Care's obligation to complete the offer is subject to closing of the acquisition by Highmark and Eye Care Centers borrowing enough funds to fund the tender. There is no consent condition.

Highmark's HVHC Inc. subsidiary has obtained commitments for the necessary financing.

Citigroup Corporate and Investment Banking is dealer manager and solicitation agent (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the information agent (866 387-1500 or 212 430-3774).

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.