Company Receives $275 Million to Advance Key Strategic Initiatives and Launches Public Exchange Offer to Remaining Existing Term Loan Lenders

EyeCare Partners LLC ("EyeCare Partners", or the "Company"), the nation’s leading provider of clinically integrated eye care, announced today it has closed a private debt exchange with holders of a majority of its existing term loans. In addition, the Company plans to launch a public debt exchange offer to remaining lenders, which is expected to further benefit the Company through incremental debt discount capture and debt service flexibility.

The completed transaction signals stakeholder confidence in EyeCare Partners and provides significant liquidity benefit through a combination of $275 million of new money, meaningful cash-to-paid-in-kind interest conversion and discount capture. Existing lenders also agreed to extend maturities, further strengthening the Company’s liquidity position. The transaction significantly decreases the Company's debt balances while reducing its cash interest expense. There is no impact on EyeCare Partners' equity ownership.

“In strengthening the financial position of EyeCare Partners through this transaction, we have enhanced our ability to continue delivering on our mission to enhance vision, advance eye care and improve lives," said Chris Throckmorton, EyeCare Partners Chief Executive Officer. "We are encouraged by the confidence and support of our financial partners and look forward to accelerating execution of our strategic growth initiatives, driving innovation and collaboration to meet the evolving needs of our patients and practices.”

Kirkland & Ellis LLP served as the Company’s legal advisor, Centerview Partners LLC served as its financial advisor and Berkeley Research Group LLC served as its operational advisor in the transaction.

Gibson, Dunn & Crutcher LLP served as legal advisor, and Evercore Group L.L.C. served as financial advisor to an ad hoc group of 1L holders in the transaction. Dechert LLP served as legal advisor, and Perella Weinberg Partners LP served as financial advisor to an ad hoc group of 2L holders in the transaction. Davis Polk & Wardwell LLP served as legal advisor to the administrative agent and to Macquarie Capital, who acted as the initial lender in connection with the new money in the transaction. Ankura Consulting Group, LLC served as financial advisor to the administrative agent.

About EyeCare Partners

EyeCare Partners is the nation’s leading provider of clinically integrated eye care. Our national network of over 300 ophthalmologists and 700 optometrists provides a lifetime of care to our patients with a mission to enhance vision, advance eye care and improve lives. Based in St. Louis, Missouri, over 700 ECP-affiliated practice locations provide services that span the eye care continuum in 18 states and 30 markets. For more information, visit www.eyecare-partners.com, and follow us on LinkedIn.

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