Chicago, May 7 – National Vision Holdings Inc. priced $350 million of five-year 2.5% convertible senior notes after the market close on Thursday, according to a market source and a press release.
Price talk was for a coupon of 2.5% to 3% and an initial conversion premium of 22.5% to 27.5%.
Goldman Sachs & Co. LLC and BofA Securities Inc. are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $52.5 million.
The notes are non-callable for three years and then subject to a 130% hurdle with a make-whole.
There is dividend and takeover protection.
The notes will be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used to repay $75 million of outstanding term loans and $264.5 million of outstanding revolving loans under its credit facilities.
If the greenshoe is exercised, remaining proceeds will be used for general corporate purposes.
National Vision Holdings is a Duluth, Ga.-based optical retailer.
| Issuer: | National Vision Holdings Inc.
|
| Securities: | Convertible senior notes
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| Amount: | $350 million
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| Maturity: | May 15, 2025
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| Joint bookrunners: | Goldman Sachs & Co. LLC and BofA Securities Inc.
|
| Coupon: | 2.5%
|
| Conversion premium: | 27.5%
|
| Conversion price: | $31.17
|
| Conversion rate: | 32.0783
|
| Call options: | Non-callable until May 22, 2023 then subject to a 130% hurdle
|
| Put options: | None
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| Pricing date: | May 7
|
| Settlement date: | May 12
|
| Distribution: | Rule 144A
|
| Stock symbol: | Nasdaq: EYE
|
| Stock price: | $24.45 at market close May 7
|
| Market capitalization: | $1.99 billion
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