25.01.2011
Sustainable Financial Restructuring of the Rodenstock Group Agreed

The Rodenstock Group, one of the world's leading manufacturers of ophthalmic lenses and frames, has come to an agreement with its banking partners for a refinancing of its banking facilities. Under the terms of the new agreement, which has been adopted and recommended by an overwhelming majority of Rodenstock’s banking syndicate, the company’s existing bank facilities will be recommitted with new terms including a resetting of covenants. In addition, the banks
have agreed to commit a further €40 million in working capital facilities to ensure funding flexibility for the company for the next four years. The steps planned in this agreement shall now be implemented rapidly. The way has therefore been paved for the sustainable future development of the company.

Bridgepoint, Rodenstock’s principal shareholder and private equity investor, will retain control of the business with 51% of the equity while the banks will have 49% of the share capital in consideration for the restructuring facility.

"We welcome the fact that this agreement has been reached by a great majority of our banks. We can now refocus on the operational side of our business and recommit our energy to continuing our path of innovation and growth," says CEO Oliver Kastalio. "With this successful refinancing, we have provided the financial structure to secure the continual development of the competitiveness of the Rodenstock Group and its ability to remain profitable," adds CFO Dr. Johannes Burtscher.

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