National Vision (AMEX:NVI)
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National Vision Announces $5.2 Million Optional Note Redemption
LAWRENCEVILLE, Ga., May 2 /PRNewswire-FirstCall/ -- National Vision, Inc.
(AMEX:NVI) today announced that, on June 1, 2005, it will make an optional
partial redemption in the amount of $5,200,000 on its 12% Senior Secured Notes
due 2009 (CUSIP No. 63845PAA9) to holders of record as of May 2, 2005. The
optional redemption will be made at par, reduce the outstanding balance of the
Notes to less than $67 million and create an equal reduction in the computation
of the next mandatory redemption payment scheduled for August 31, 2005.
"This is the first time we've utilized the optional redemption feature of our
Note Indenture," explained Paul A. Criscillis, Jr., the Company's Chief
Financial Officer. "By making this payment on June 1, we expect to save
approximately $150,000 in interest expense versus waiting for the next
mandatory redemption payment date. The payment is coincidentally occurring
almost four years to the day after we emerged from bankruptcy. We're extremely
pleased that we've been able to reduce our Note balance by more than $53
million in that time span."
National Vision, Inc. operates retail vision centers primarily within host
environments in the United States and Mexico. National Vision's vision centers
sell a wide range of optical products including eyeglasses, contact lenses and
sunglasses. As of May 2, 2005, the Company operated 410 vision centers,
including 293 located inside domestic Wal-Mart stores. National Vision depends
on its domestic Wal-Mart locations for the majority of its revenue and
substantially all of its cash flow. Investments in the debt and equity
securities of National Vision, Inc. are subject to substantial risks as
described in the Company's public filings with the Securities and Exchange
Commission.
DATASOURCE: National Vision, Inc.
CONTACT: Paul A. Criscillis, Jr., Senior Vice President and CFO of
National Vision, Inc., +1-770-822-4262
Web site: http://www.nationalvision.com/