National Vision Holdings, Inc.
For the period ended Jun 28, 2025. Filed Aug 7, 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.
Jun 28, 2025 · Filed Aug 7, 2025
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6. Debt
- Debt
Our debt consists of the following:
| In thousands | As ofJune 28, 2025 | As ofDecember 28, 2024 |
|---|---|---|
| 2025 Notes, due May 15, 2025 | $— | $84,774 |
| Term Loan A, due June 13, 2028 | 247,563 | 254,188 |
| Revolving Loans, due June 13, 2028 (aggregate principal amount $300 million) | 15,000 | — |
| Debt before unamortized discount and issuance costs | 262,563 | 338,962 |
| Unamortized discount and issuance costs - 2025 Notes | — | (191) |
| Unamortized discount and issuance costs - Term Loan A | (1,374) | (1,602) |
| Debt less debt discount and issuance costs | 261,189 | 337,169 |
| Less current maturities | (13,250) | (98,024) |
| Long-term debt - noncurrent portion | 247,939 | 239,145 |
| Finance lease obligations | 11,213 | 12,833 |
| Less current maturities | (3,532) | (3,368) |
| Long-term debt and finance lease obligations, less current portion, discount, and issuance costs | $255,620 | $248,610 |
Scheduled annual maturities of debt are as follows:
| Fiscal Period | In thousands |
|---|---|
| 2025 - remainder of fiscal year | $9,938 |
| 2026 | 13,250 |
| 2027 | 13,250 |
| 2028 | 226,125 |
| 2029 | — |
| Thereafter | — |
| $262,563 |
We were in compliance with all covenants related to our debt as of June 28, 2025.
2025 Notes
During the three months ended June 28, 2025, the Company fully repaid the 2.50% convertible senior notes due on May 15, 2025 (“2025 Notes”), of which there was $84.8 million outstanding, at maturity for $85.8 million, inclusive of $1.0 million of accrued interest.
We recognized the following in Interest expense, net related to the 2025 Notes:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| In thousands | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 |
| Contractual interest expense | $272 | $1,891 | $802 | $3,781 |
| Amortization of issuance costs | $66 | $446 | $191 | $888 |
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