We advised the superpriority, first-lien and second-lien administrative agent and the fronting bank on the transaction

Davis Polk advised the administrative agent and the initial lender in connection with a private debt exchange with holders of a majority of EyeCare Partners LLC’s existing term loans. In addition, EyeCare plans to launch a public debt exchange offer to remaining lenders. The completed transaction included a combination of $275 million new money, meaningful cash-to-paid-in-kind interest conversion and discount capture. Existing lenders also agreed to extend maturities.

EyeCare is the nation’s leading provider of clinically integrated eye care. Its national network of over 300 ophthalmologists and 700 optometrists provides a lifetime of care to patients, with a mission to enhance vision, advance eye care and improve lives. Based in St. Louis, Missouri, EyeCare has over 700 affiliated practice locations in 18 states and 30 markets. The company was established in 2015 and was acquired by Partners Group in 2020. Partners Group is a leading global private markets firm and has $147 billion assets under management. Since 1996, it has invested over $210 billion in private equity, private debt, private real estate and private infrastructure globally.

The Davis Polk restructuring team included partner Brian M. Resnick, counsel Michael Pera and associate Audrey Youn. The finance team included partners David Hahn and Phoebe Jin, counsel Mayer J. Steinman and associates Matthew J. Wiener, Jonathan Morford, Chinelo Krystal Okonkwo and Yi Bao. All members of the Davis Polk team are based in the New York office.