National Vision Holdings, Inc.
For the period ended Mar 29, 2025. Filed May 8, 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.
Mar 29, 2025 · Filed May 8, 2025
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6. Debt
- Debt
Our debt consists of the following:
| In thousands | As ofMarch 29, 2025 | As ofDecember 28, 2024 |
|---|---|---|
| 2025 Notes, due May 15, 2025 | $84,774 | $84,774 |
| Term Loan A, due June 13, 2028 | 250,875 | 254,188 |
| Revolving Loans, due June 13, 2028 | — | — |
| Debt before unamortized discount and issuance costs | 335,649 | 338,962 |
| Unamortized discount and issuance costs - 2025 Notes | (65) | (191) |
| Unamortized discount and issuance costs - Term Loan A | (1,488) | (1,602) |
| Debt less debt discount and issuance costs | 334,096 | 337,169 |
| Less current maturities | (98,024) | (98,024) |
| Long-term debt - noncurrent portion | 236,072 | 239,145 |
| Finance lease obligations | 12,029 | 12,833 |
| Less current maturities | (3,449) | (3,368) |
| Long-term debt and finance lease obligations, less current portion, discount, and issuance costs | $244,652 | $248,610 |
Scheduled annual maturities of debt are as follows:
| Fiscal Period | In thousands |
|---|---|
| 2025 - remainder of fiscal year | $98,024 |
| 2026 | 13,250 |
| 2027 | 13,250 |
| 2028 | 211,125 |
| 2029 | — |
| Thereafter | — |
| $335,649 |
We were in compliance with all covenants related to our debt as of March 29, 2025.
2025 Notes
The 2025 Notes were initially convertible at a conversion rate of 32.0783 shares of common stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $31.17 per share of common stock. From and after February 15, 2025, the 2025 Notes are convertible into cash up to the amount of $1,000, with any excess amount convertible into shares, based on the applicable conversion rate at such time. The conversion rate will be subject to adjustment upon the occurrence of certain specified events including, but not limited to: issuance of stock dividends, splits and combinations; distribution of rights, options and warrants; spin-offs and other distributed property; cash dividends or distributions; tender offers or exchange offers; and certain other corporate transactions. Our effective interest rate was 3.2% as of March 29, 2025. The holders of our term loan would have preference over the holders of the 2025 Notes in the event of a liquidation.
The 2025 Notes mature on May 15, 2025, and due to the upcoming maturity, the outstanding principal balance of $84.8 million is reflected as a current liability in the accompanying Condensed Consolidated Balance Sheets as of March 29, 2025. As of March 29, 2025, the Company has $293.6 million of availability under its revolving credit facility, in addition to $80.0 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, net related to the 2025 Notes:
| Three Months Ended | ||
|---|---|---|
| In thousands | March 29, 2025 | March 30, 2024 |
| Contractual interest expense | $530 | $1,891 |
| Amortization of issuance costs | $125 | $442 |
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