S&P rates Eyemart Express loans B-

S&P said it gave B- issue-level and 4 recovery ratings to Eyemart Express LLC's expected $455 million first-lien term loan and $50 million revolving credit facility. The 4 recovery rating indicates an expectation of average (30%-50%; rounded estimate 40%) recovery.

The company plans to use proceeds to refinance debt and entirely pay down their $113 million second-lien term loan. The company will use drawings from the new revolver to repay drawings under the existing $50 million revolving credit facility.

“We consider the transaction neutral for leverage and our issuer credit rating on Eyemart Express Holdings LLC remains B-,” S&P said in a press release.

The outlook is stable.

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