CHARENTON-LE-PONT, France— Essilor International (Reuters: ESSI.PA) announced that it is strengthening its financial position to support ongoing implementation of its development strategy, with the goal of improving the vision of 4.2 billion people worldwide.

To this end, the company has carried out a $300 million U.S. private placement notes issue with 18 investors. The senior unsecured notes have been issued to refinance a bank loan due in 2014. Essilor said the issue will enable it to extend the average maturity of its debt and broaden its investor base.

The program comprises five fixed or variable-rate tranches, with maturities ranging between 2017 and 2023. The very favorable terms of the transaction—with a 3.40 percent coupon rate offered on the 10-year tranche—attests to the U.S. investors’ confidence in Essilor’s financial strength. Initially announced as a $150 million transaction, the issue was more than seven times oversubscribed.