KKR-backed National Vision sets IPO pricing terms

Optical retailer National Vision, which is backed by KKR, has priced its IPO of 15.8 million shares at between $18 and $20 per share. The company plans on listing the stock on the NASDAQ under the ticker symbol “EYE.” BofA Merrill Lynch, Goldman Sachs & Co. LLC, Citigroup and KKR Capital Markets are the lead underwriters.

PRESS RELEASE

DULUTH, Ga., October 16, 2017 — National Vision Holdings, Inc. (“National Vision”) today announced the launch of its initial public offering of 15,800,000 shares of its common stock. The initial public offering price is expected to be between $18 and $20 per share. National Vision expects to grant the underwriters a 30-day option to purchase up to an additional 2,370,000 shares of its common stock to cover over-allotments, if any. National Vision has applied to have its common stock approved for listing on the NASDAQ Global Select Market under the symbol “EYE.”

National Vision intends to use the net proceeds from the offering: first, to repay all $125.0 million outstanding aggregate amount of its second lien term loans; and second, to repay approximately $150.0 million of the outstanding amount of its first lien term loans.

BofA Merrill Lynch, Goldman Sachs & Co. LLC, Citigroup and KKR Capital Markets are acting as joint bookrunning managers for the proposed offering, and Morgan Stanley, Jefferies, UBS Investment Bank and Wells Fargo Securities are also acting as bookrunners for the proposed offering. Guggenheim Securities, Mizuho Securities and Macquarie Capital are acting as co-managers for the proposed offering.

A registration statement, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”), but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective, and, even then, the securities may only be sold pursuant to the registration statement and final prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained from BofA Merrill Lynch, Attn: Prospectus Department at NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, or by email at dg.prospectus_requests@baml.com; Goldman Sachs & Co. LLC, Prospectus Department at 200 West Street, New York, NY 10282 or by telephone at 1-866-471-2526 or by facsimile at 212-902-9316, or by email at prospectus-ny@ny.email.gs.com; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-800-831-9146.

About National Vision
National Vision is one of the largest optical retail companies in the United States with 996 retail stores and 19 consumer websites as of September 30, 2017. National Vision offers a variety of products and services for customers’ eye care needs through five brands: America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, and Vista Optical locations inside Fred Meyer stores and on select military bases.