The Firm recently represented JPMorgan Chase Bank, N.A., as administrative agent, in connection with $325 million in senior secured credit facilities for National Vision, Inc. (“NVI”), which consisted of a five year $25 million revolving credit facility and a six year $300 term loan facility. The proceeds of the term loan will be used to refinance existing indebtedness and fund a dividend to Berkshire Partners LLC, NVI’s financial sponsor. This transaction expands NVI’s borrowing capacity by $100 million and reduces its borrowing spread by 475 basis points.
National Vision, Inc. is the fourth largest optical retailer in the United States, operating over 700 retail locations in 43 states plus the District of Columbia and Puerto Rico. NVI manufactures, distributes and retails prescription eyeglasses, contact lenses and other optometric products.
The Simpson Thacher team included Justin Lungstrum, Mark Maher and David Pernas (Banking and Credit), Mardi Merjian (Real Estate), Mindy Lok (Intellectual Property) and Adam Wells and Jodi Sackel (Tax).
