National Vision Holdings, Inc. Announces Repurchase of $100 Million of Convertible Notes
10 Novembro 2023 - 9:34AM
Business Wire
National Vision Holdings, Inc. (NASDAQ: EYE) (“National Vision”)
today announced that it has entered into agreements with certain of
the holders of its 2.50% Convertible Senior Notes due 2025 (the
“2025 Notes”) to repurchase $100.0 million aggregate principal
amount of the 2025 Notes (the “Transactions”) for an aggregate cash
repurchase price of $99.25 million.
Melissa Rasmussen, Chief Financial Officer of National Vision,
said, “We are pleased to be in a position to complete this
opportunistic repurchase reducing our 2025 Notes outstanding and
further strengthening our balance sheet while leveraging our robust
cash position. As we look ahead, we will continue to execute a
disciplined capital allocation plan ensuring we are making prudent
decisions that position the company for long-term growth while also
delivering value to shareholders.”
The Transactions are expected to close on November 14, 2023,
subject to the satisfaction of customary closing conditions.
Following such closings, $302.5 million principal amount of the
2025 Notes will remain outstanding, from an initial issued
principal balance of $402.5 million.
About National Vision Holdings, Inc.
National Vision Holdings, Inc. is the second largest optical
retail company in the United States (by sales) with more than 1,400
stores in 44 states and Puerto Rico. With a mission of helping
people by making quality eye care and eyewear more affordable and
accessible, the company operates five retail brands: America’s Best
Contacts & Eyeglasses, Eyeglass World, Vision Centers inside
select Walmart stores, and Vista Opticals inside select Fred Meyer
stores and on select military bases, and several e-commerce
websites, offering a variety of products and services for
customers’ eye care needs. For more information, please visit
www.nationalvision.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities
Exchange Act of 1934. These statements include statements related
to our current beliefs and expectations regarding the consummation
of the Transactions. You can identify these forward-looking
statements by the use of words such as “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,”
“seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates” or the negative version of these words or other
comparable words. Caution should be taken not to place undue
reliance on any forward-looking statement as such statements speak
only as of the date when made. We undertake no obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as required by law. Forward-looking statements are not
guarantees and are subject to various risks and uncertainties,
which may cause actual results to differ materially from those
implied in forward-looking statements. Such factors include, but
are not limited to, market volatility and an overall decline in the
health of the economy and other factors impacting consumer
spending, including inflation and uncertainty in financial markets
(including as a result of recent events affecting financial
institutions); our ability to recruit and retain vision care
professionals for our stores and remote medicine offerings in
general and in light of the pandemic; our ability to compete
successfully; our ability to successfully open new stores and enter
new markets; our ability to expand our remote medicine offerings
and electronic health records capabilities; our ability to maintain
the performance of our Host and Legacy brands and our current
operating relationships with our Host and Legacy partners; our
ability to successfully navigate the termination of our Walmart
partnership, including the transition period; our ability to
maintain sufficient levels of cash flow from our operations to
execute or sustain our growth strategy or obtain additional
financing at satisfactory terms or at all; the impact of wage rate
increases, inflation, cost increases and increases in raw material
prices and energy prices; our growth strategy straining our
existing resources and causing the performance of our existing
stores to suffer; the COVID-19 pandemic and future resurgences, and
related impacts including federal, state, and local governmental
actions in response thereto; customer behavior in response to the
pandemic, including the impact of such behavior on in-store traffic
and sales; our ability to successfully and efficiently implement
our marketing, advertising and promotional efforts; risks
associated with leasing substantial amounts of space, including
future increases in occupancy costs; the impact of certain
technological advances, and the greater availability of, or
increased consumer preferences for, vision correction alternatives
to prescription eyeglasses or contact lenses, and future drug
development for the correction of vision-related problems; our
ability to retain our existing senior management team and attract
qualified new personnel; our ability to manage our inventory;
seasonal fluctuations in our operating results and inventory
levels; risks associated with our e-commerce and omni-channel
business; the loss of, or disruption in the operations of, one or
more of our distribution centers and/or optical laboratories,
resulting in the inability to fulfill customer orders and deliver
our products in a timely manner; risk of losses arising from our
investments in technological innovators in the optical retail
industry including artificial intelligence; risks associated with
environmental, social and governance issues, including climate
change; risks associated with vendors from whom our products are
sourced, including our dependence on a limited number of suppliers;
our ability to develop, maintain and extend relationships with
managed vision care companies, vision insurance providers and other
third-party payors; our ability to effectively operate our
information technology systems and prevent interruption or security
breach; our reliance on third-party coverage and reimbursement,
including government programs, for an increasing portion of our
revenues; our ability to adhere to extensive state, local and
federal vision care and healthcare laws and regulations; our
compliance with managed vision care laws and regulations; our
ability to adhere to changing state, local and federal privacy,
data security and data protection laws and regulations; product
liability, product recall or personal injury issues; our failure to
comply with, or changes in, laws, regulations, enforcement
activities and other requirements; the impact of any adverse
litigation judgments or settlements resulting from legal
proceedings relating to our business operations; our ability to
adequately protect our intellectual property; our significant
amount of indebtedness and our ability to generate sufficient cash
flow to satisfy our debt obligations; a change in interest rates as
well as changes in benchmark rates and uncertainty related to the
foregoing; restrictions in our credit agreement that limits our
flexibility in operating our business; potential dilution to
existing stockholders upon the conversion of our convertible notes;
and risks related to owning our common stock (including the timing,
manner and volume of repurchases of common stock pursuant to our
share repurchase program), including our ability to comply with
requirements to design and implement and maintain effective
internal controls. Additional information about these and other
factors that could cause National Vision’s results to differ
materially from those described in the forward-looking statements
can be found in filings by National Vision with the Securities and
Exchange Commission (“SEC”), including our latest Annual Report on
Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are
accessible on the SEC’s website at www.sec.gov. These factors
should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in our filings with the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231110417117/en/
Investors: ICR, Inc. Caitlin Churchill (203) 682-8200
Investor.Relations@nationalvision.com
Media: National Vision Holdings, Inc. Racheal Peters
(470) 448-2303 Media@nationalvision.com
National Vision (NASDAQ:EYE)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
National Vision (NASDAQ:EYE)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024