Nobel Biocare completes financial transaction

Nobel Biocare has made an “important achievement” by completing a financial transaction, it has asserted.

With six international banks, the company has added 330 million euro (310 million pounds) to a syndicated banking facility, which has a maturity of three years.

As well as acting as a backup line so the company has enough financial flexibility for the future, the resource is also designed to optimise current funding.

Chief executive officer of the firm Dirk Kirsten remarked the transaction is has been a significant outcome considering the current economical climate.

He commented: “This is testimony of our leading market position with intact long-term perspectives, our strong balance sheet and a strong operating cash flow in 2008.”

Last month, the company released its full-year report for 2008. It revealed revenues had declined by 4.2 per cent, compared to a seven per cent drop for the previous 12 months.

Profit from operations for the whole of last year was 132.9 million euros – in 2007 it was 216.7 million euros.

The company commented that, despite a challenging 2008, Nobel Biocare remained profitable and had solid financials.