National Vision Holdings, Inc.
For the period ended Sep 27, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 27, 2025 · Filed Nov 6, 2025
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6. Debt
- Debt
Our debt consists of the following:
| In thousands | As ofSeptember 27, 2025 | As ofDecember 28, 2024 |
|---|---|---|
| 2025 Notes, due May 15, 2025 | $— | $84,774 |
| Term Loan A, due June 13, 2028 | 244,250 | 254,188 |
| Revolving Loans, due June 13, 2028 (aggregate principal amount $300 million) | — | — |
| Debt before unamortized discount and issuance costs | 244,250 | 338,962 |
| Unamortized discount and issuance costs - 2025 Notes | — | (191) |
| Unamortized discount and issuance costs - Term Loan A | (1,261) | (1,602) |
| Debt less debt discount and issuance costs | 242,989 | 337,169 |
| Less current maturities | (13,250) | (98,024) |
| Long-term debt - noncurrent portion | 229,739 | 239,145 |
| Finance lease obligations | 10,377 | 12,833 |
| Less current maturities | (3,602) | (3,368) |
| Long-term debt and finance lease obligations, less current portion, discount, and issuance costs | $236,514 | $248,610 |
Borrowings and repayments of Revolving Loans during the nine months ended September 27, 2025, were $25.0 million and $25.0 million, respectively.
Scheduled annual maturities of debt are as follows:
| Fiscal Period | In thousands |
|---|---|
| 2025 - remainder of fiscal year | $6,625 |
| 2026 | 13,250 |
| 2027 | 13,250 |
| 2028 | 211,125 |
| 2029 | — |
| Thereafter | — |
| $244,250 |
We were in compliance with all covenants related to our debt as of September 27, 2025.
2025 Notes
During the nine months ended September 27, 2025, the Company fully repaid the 2.50% convertible senior notes due on May 15, 2025 (“2025 Notes”).
We recognized the following in Interest expense, net related to the 2025 Notes:
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| In thousands | September 27, 2025 | September 28, 2024 | September 27, 2025 | September 28, 2024 |
| Contractual interest expense | $— | $1,132 | $802 | $4,913 |
| Amortization of issuance costs | $— | $254 | $191 | $1,142 |
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