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|  | 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.
further inquiry / contact person
Stefanie Biereder
printable version
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