Lake Forest-based contact lens maker Cooper Cos., which is struggling with a delay of a key product and is the subject of takeover speculation, said Monday it’s refinancing about $1 billion in debt.
Cooper, which also makes women’s surgical devices, plans to open a $650 million credit line and offer $350 million in senior debt notes.
The company plans to use the credit line and proceeds to repay a $250 million loan and a $750 million credit line from several banks.
Cooper has seen shipping delays, sluggish contact lens sales and a critical lag in coming out with a new type of lens already being sold by rivals.
Earlier this month, a French investment bank and magazine reported that France’s Essilor International SA could be in talks to buy Cooper for $2.7 billion.
