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National Vision Holdings, Inc. Announces Pricing of Private Offering of $350 Million Aggregate Principal Amount of 2.50% Convertible Senior Notes due 2025
DULUTH, Ga.--(BUSINESS WIRE)-- National Vision Holdings, Inc. (NASDAQ: EYE) (the “Company”) today announced the pricing of a private offering of $350.0
About this update from National Vision Holdings, Inc.
[{"type":"text","content":" DULUTH, Ga.--(BUSINESS WIRE)--\nNational Vision Holdings, Inc. (NASDAQ: EYE) (the “Company”) today announced the pricing of a private offering of $350.0 million aggregate principal amount of 2.50% Convertible Senior Notes due 2025 (the “Notes”), to be sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company has also granted to the initial purchasers of the Notes an option to purchase up to an additional $52.5 million aggregate principal amount of the Notes during a 13-day period beginning on, and including, the first date on which the Notes are issued. The offering is expected to close on May 12, 2020, subject to customary closing conditions.\n\n\nThe Notes will pay interest semi-annually in cash on May 15 and November 15 at a rate of 2.50% per year, commencing on November 15, 2020. The Notes will mature on May 15, 2025, unless earlier converted, redeemed or repurchased. In addition, the Company will have the option to redeem the Notes at any time on or after May 22, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such notice.\n\n\nPrior to February 15, 2025, the Notes will be convertible only upon the occurrence of certain events and during certain periods and, thereafter, at any time until the second scheduled trading day immediately before the maturity date of the Notes. The Notes will be convertible based on an initial conversion rate of 32.0783 shares of the Company’s common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $31.17 (which represents an approximately 27.5% conversion premium to the last reported sale price of $24.45 per share of the Company’s common ...