HVHC launches $180 million credit facility

By Sara Rosenberg

New York, July 13 - HVHC Inc. held a bank meeting on Thursday morning to launch its proposed $180 million credit facility (BB), according to a market source.

Citigroup and PNC are the lead banks on the deal, with Citi the left lead.

The facility consists of a $25 million five-year revolver and a $155 million seven-year term loan B, with both tranches talked at Libor plus 225 basis points, the source said.

Proceeds from the new credit facility will be used by HVHC, a wholly owned subsidiary of Highmark Inc., to finance its acquisition of Eye Care Centers of America Inc. and refinance existing bank debt.

HVHC is a provider of vision services and seller of related merchandise. Eye Care Centers is a San Antonio, Texas-based retail optical chain.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.