National Vision Holdings Inc
For the period ended Jun 29, 2024. Filed Aug 7, 2024.
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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.
Jun 29, 2024 · Filed Aug 7, 2024
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6. Long-term Debt
- Long-term Debt
Long-term debt consists of the following:
| In thousands | As ofJune 29, 2024 | As ofDecember 30, 2023 |
|---|---|---|
| 2025 Notes, due May 15, 2025 | $302,497 | $302,497 |
| Term Loan A, due June 13, 2028 | 142,500 | 146,250 |
| Revolving Loans, due June 13, 2028 | — | — |
| Long-term debt before unamortized discount and issuance costs | 444,997 | 448,747 |
| Unamortized discount and issuance costs - 2025 Notes | (1,609) | (2,497) |
| Unamortized discount and issuance costs - Term Loan A | (948) | (1,066) |
| Long-term debt less debt discount and issuance costs | 442,440 | 445,184 |
| Less current maturities | (309,997) | (7,500) |
| Long-term debt - noncurrent portion | 132,443 | 437,684 |
| Finance lease obligations | 14,375 | 16,067 |
| Less current maturities | (2,891) | (2,980) |
| Long-term debt and finance lease obligations, less current portion, discount, and issuance costs | $143,927 | $450,771 |
Scheduled annual maturities of debt are as follows:
| Fiscal Period | In thousands |
|---|---|
| 2024 - remainder of fiscal year | $1,875 |
| 2025 | 311,872 |
| 2026 | 7,500 |
| 2027 | 7,500 |
| 2028 | 116,250 |
| Thereafter | — |
| $444,997 |
Credit Agreement
We were in compliance with all covenants related to our long-term debt as of June 29, 2024.
2025 Notes
The 2025 Notes mature on May 15, 2025, and due to the upcoming maturity, we have reclassified the outstanding principal balance of $302.5 million from a noncurrent to a current liability in the accompanying Condensed Consolidated Balance Sheets as of June 29, 2024. As of June 29, 2024, the Company has $293.6 million of availability under its revolving credit facility, in addition to $179.5 million of cash on hand, which provides the Company with sufficient liquidity to repay the remaining balance of the 2025 Notes as they become due.
We recognized the following in Interest expense (income), net related to the 2025 Notes:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| In thousands | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 |
| Contractual interest expense | $1,891 | $2,515 | $3,781 | $5,031 |
| Amortization of issuance costs | $446 | $578 | $888 | $1,116 |
As of June 29, 2024, the remaining period for the unamortized debt issuance costs balance was approximatelyone year.
As of June 29, 2024, the stock price conditions under which the 2025 Notes can be converted at the holders’ option were not met.
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