Debt

9 Months Ended

Sep. 27, 2025

Our debt consists of the following:


In thousands	As of September 27, 2025		As of December 28, 2024
2025 Notes, due May 15, 2025	$	—	$	84,774
Term Loan A, due June 13, 2028	244,250		254,188
Revolving Loans, due June 13, 2028 (aggregate principal amount $300 million)	—		—
Debt before unamortized discount and issuance costs	244,250		338,962
Unamortized discount and issuance costs - 2025 Notes	—		(191)
Unamortized discount and issuance costs - Term Loan A	(1,261)		(1,602)
Debt less debt discount and issuance costs	242,989		337,169
Less current maturities	(13,250)		(98,024)
Long-term debt - noncurrent portion	229,739		239,145
Finance lease obligations	10,377		12,833
Less current maturities	(3,602)		(3,368)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	$	236,514	$	248,610

Borrowings and repayments of Revolving Loans during the nine months ended September 27, 2025, were $25.0 million and $25.0 million, respectively.

Scheduled annual maturities of debt are as follows:


Fiscal Period	In thousands
2025 - remainder of fiscal year	$	6,625
2026	13,250
2027	13,250
2028	211,125
2029	—
Thereafter	—
	$	244,250

We were in compliance with all covenants related to our debt as of September 27, 2025.

2025 Notes

During the nine months ended September 27, 2025, the Company fully repaid the 2.50% convertible senior notes due on May 15, 2025 (“2025 Notes”).

We recognized the following in Interest expense, net related to the 2025 Notes:


	Three Months Ended				Nine Months Ended
In thousands	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Contractual interest expense	$	—	$	1,132	$	802	$	4,913
Amortization of issuance costs	$	—	$	254	$	191	$	1,142

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

National Vision Holdings, Inc. 10-Q