S&P assigns B to Rodenstock loan

S&P said it assigned a B long-term issuer credit rating to Rodenstock GmbH and Rodenstock's parent company, European Optical Manufacturing Sarl.

At the same time, S&P assigned a B issue rating to the proposed senior secured facility consisting of a €420 million term loan B.

The outlook is stable.

Rodenstock is refinancing its capital structure with a proposed €420 million term loan B with a seven-year maturity and a proposed €20 million revolving credit facility maturing in 6.5 years.

The group intends to use all the proceeds from the proposed term loan and some cash available on balance sheet to fully repay the existing €395 million term loan B issued by Rodenstock. The transaction will also serve to pay €25 million to shareholders and €5 million of fees and transaction-related expenses, S&P said in a news release.

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