Cooper Cos. (COO) set plans for a $1 billion refinancing.

The Lake Forest, Calif., health care product maker said the new plans include a $650 million revolving credit facility and a private offering of $350 million aggregate principal amount of senior notes due 2015.

Cooper intends to use borrowings under the new revolving credit facility and the net proceeds of the notes offering to repay in full its $250 million term loan and all outstanding borrowings under its existing $750 million syndicated bank credit facility, which will be terminated. The new revolving credit facility will be unsecured and will include customary guarantees from domestic subsidiaries and negative pledges on assets.

The exact terms and timing of the new financing will depend on market conditions and other factors.

"This new financing is intended to serve our financing needs for the foreseeable future," the company said. "We are pleased to be working with a bank syndicate that recognizes our improving financial position, our favorable operational outlook and the significant progress we have made integrating Ocular Sciences into CooperVision.''

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