The Rodenstock Group has announced that it has completed a refinancing of its senior debt facilities, with a new term loan of €395 million (AU$647 m) maturing in seven years. The company has also secured a new revolving credit facility of €20 million (AU$32 m).
Mr Anders Hedegaard, CEO of the Rodenstock Group, said the refinancing was a milestone for the company. “It underlines the successful transformation of the Group and provides a strong endorsent of the current strategy and future prospects.
“Following our record performance in 2018 and strong start to the current year, the outlook for the business rains very positive.”
According to the company, it is currently focussed on its core capabilities within the progressive lens market, which resulted in sales that reached of euro 425 million (AU$425 m) during the 2018 financial year. Earnings before interest, tax, depreciation and amortisation also reached a record high of euro 91 million (AU$149 m), a 10% increase on the previous year.
Rodenstock Group attributed the rise to improvements in efficiency of production and logistics, as well as and a continued increase of lens sales.
Last year the company announced the results of a successful realignment across its eyewear division, leading to the expansion of international production capacities and the establishment of an independent eyewear division.
Hedegaard took over as CEO of Rodenstock on 1 February 2019, having previously been at GN Hearing, a manufacturer of hearing aids and accessories.
He replaced former CEO Mr Oliver Kastalio, who, on his departure, said it was time to hand over management after successfully leading a company turnaround and setting it on the course for future expansion.
