DGAP-News: KION GROUP AG optimizes financing structure after its successful IPO (news with additional features)
(firmenpresse) - DGAP-News: KION GROUP AG / Key word(s): Capital Reorganisation
KION GROUP AG optimizes financing structure after its successful IPO
(news with additional features)
09.07.2013 / 18:11
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KION GROUP AG optimizes financing structure after its successful IPO
- The bank term debt under the Senior Facilities Agreement of EUR1,080
million has been repaid in full
- Notice has been given to repay EUR175 million Senior Secured Floating
Rate Notes due 2018 in full
- New Revolving Credit Facility for EUR995 million due in 2018
- CFO Thomas Toepfer: 'Driving forward successful global expansion'
Wiesbaden, 9 July 2013 - Following it successful IPO KION GROUP AG further
improves its financing structure, forming the basis to drive forward its
global expansion. The Company uses EUR1,080 million to repay in full its
bank term debt under the amended Senior Facilities Agreement. The repayment
is funded with a combination of proceeds from the IPO, the capital increase
subscribed by Weichai Power Co. Ltd. in the context of the IPO, as well as
available cash and drawings under a new Revolving Credit Facility.
Based on its significantly improved credit profile, KION Group is now able
to utilize a new Revolving Credit Facility (RCF) for EUR995 million. This
RCF has a maturity until 2018 and is being provided by a group of
relationship banks of KION Group. Under the RCF approximately EUR175
million will be drawn in order to repay the outstanding aggregate principal
amount of the Senior Secured Floating Rate Notes due 2018 in full. The
Notes will be redeemed at a redemption price of 100% of the principal
amount thereof, plus accrued and unpaid interest on the Notes to the
redemption date.
As a result of this repayment, the conversion of a shareholder loan in the
course of the IPO and the repayment of the bank term debt under the Senior
Facilities Agreement, the remaining term debt outstanding for the Company
consists of Senior Secured Notes for EUR325 million maturing in 2018 and
Senior Secured Notes for EUR650 million maturing in 2020. Following these
repayments the Company does not intend to make further debt repayments for
the time being from the proceeds of the IPO. The maturities of KION Group's
debt are 2018 and beyond.
Thomas Toepfer, CFO of KION GROUP AG, emphasized: 'With these steps, KION
GROUP AG further optimizes its financing structure. This new and very solid
capital structure forms the basis for driving forward our successful global
expansion.'
The improved capital structure is reflected in the Company's credit
ratings. On 2 July 2013, Moody's Investor Services assigned a corporate
family rating (CFR) of Ba3 to KION GROUP AG. The three-notch upgrade of
KION's CFR reflects 'the significant improvement' in KION's group net
leverage. On 5 July 2013, Standard&Poor's increased their CFR for the
Company to BB- with a positive outlook. In the course of the IPO, three
capital increases totalling EUR860 million were carried out. Trading in
shares on the regulated market (Prime Standard) of the Frankfurt Stock
Exchange commenced on 28 June 2013.
About KION Group
The KION Group - comprising the six brands Linde, STILL, Fenwick, OM STILL,
Baoli and Voltas - is the largest manufacturer of industrial trucks in
Western and Eastern Europe (in terms of unit sales in 2011), the global
number two in the industry and the leading non-domestic supplier in China.
The Linde and STILL brands serve the premium segment worldwide. Fenwick is
the largest supplier of material handling products in France, while OM
STILL is a market leader in Italy. The Baoli brand focuses on the economy
segment, and Voltas is a market leader in India. The KION Group employed
more than 21,000 people and generated revenue of EUR4.73 billion in 2012.
KION Group is present in more than 100 countries and has a global market
share of around 15 percent.
Disclaimer
This document and the information contained herein are for information
purposes only and do not constitute a prospectus or an offer to sell or a
solicitation of an offer to buy any securities in the United States or in
any other jurisdiction.
This release contains forward-looking statements that are subject to
various risks and uncertainties. Future results could differ materially
from those described in these forward-looking statements due to certain
factors, e.g. changes in business, economic and competitive conditions,
regulatory reforms, results of technical studies, foreign exchange rate
fluctuations, uncertainties in litigation or investigative proceedings, and
the availability of financing. We do not undertake any responsibility to
update the forward-looking statements in this release.
Further information for the media
Michael Hauger
Head of Corporate Communications
Tel.: +49 (0) 611.770-655
Email michael.hauger(at)kiongroup.com
Frank Brandmaier
Head of Corporate Media Relations
Tel.: +49 (0) 611.770-752
Email frank.brandmaier(at)kiongroup.com
Further information for investors
Frank Herzog
Head of Corporate Finance
Tel.: +49 (0) 611.770-303
Email frank.herzog(at)kiongroup.com
Silke Glitza
Head of Investor Relations
Tel.: +49 (0) 611.770-450
Email silke glitza(at)kiongroup.com
End of Corporate News
+++++
Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=PGMWPAEREU
Document title: KION GROUP AG optimizes financing structure
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09.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: KION GROUP AG
Abraham-Lincoln-Str. 21
65189 Wiesbaden
Germany
Phone: +49 (0)611 770-0
Fax: +49 (0)611 770-690
E-mail: info(at)kiongroup.com
Internet: www.kiongroup.com
ISIN: DE000KGX8881
WKN: KGX888
Listed: Regulierter Markt in Frankfurt (Prime Standard)
End of News DGAP News-Service
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220507 09.07.2013
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