Dechert Advises Ad Hoc Group of 2L Holders in EyeCare Partners Refinancing Transaction

June 04, 2024

Dechert recently advised an ad hoc group of second-lien (2L) holders in EyeCare Partners' debt exchanges of approximately US$2.1 billion in first-lien and second-lien term loan debt.

EyeCare Partners LLC (EyeCare Partners), a leading provider of clinically integrated eye care, recently completed the exchanges in May 2024. The exchanges represent participation of more than 98 percent of the company’s first-lien term loan holders, more than 91 percent of its second-lien term loan holders and all of its revolving credit facility commitments.

The exchanges further enhance the company’s balance sheet by obtaining debt discount and increasing cash-to-paid-in-kind interest flexibility. The completion of the exchanges, along with the US$275 million new money super-priority term loan, significantly boosts liquidity and effectively manages the bulk of the company's debt maturities through 2027.

The Dechert team advising the ad hoc group 2L holders included financial restructuring partner Stephen Zide and associate Isaac Stevens, along with global finance partner Alon Goldberger.

About Dechert 

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our nearly 1,000 lawyers across 20 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.

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