KION Group receives lenders' consent for covenant reset
(Thomson Reuters ONE) - - Broad support from lenders- Shareholders provide additional Euro 100 millWiesbaden, 17 September 2009 - KION Group - a global leader in thematerial handling equipment industry - has received approval for anamendment of covenants, which the company had proposed to itslenders. KION Group's proposal was a prudent step to ensure thecompany's ongoing compliance with its covenants even in a businessenvironment affected by the ongoing deterioration of the globaldemand for forklift and warehouse trucks.Significantly more than the required two third majority of lendersvoted in favour of the company's proposal. The amendments are nowbeing documented with the agent UniCredit / HVB. To underline theirstrong support, KION Group's shareholders - funds managed by KKR andGoldman Sachs Capital Partners - are providing the company withadditional funds of Euro 100 mill."The broad support from our lenders clearly reflects their strongtrust in the quality of our business. We are pleased to have achievedthis good result, which gives us the flexibility to continue managingthe business for the benefit of customers, employees, shareholdersand lenders. We are pleased that lenders and shareholders havestrongly supported us during the discussions during the past weeks",said Harald Pinger, CFO of KION Group. "Lenders' support is animportant basis for our future success.""We have started as early as last autumn to prepare for the mostsevere crisis in the history of our industry. Since the beginning ofthis year as part of a revised business plan we have beenimplementing a broad set of measures, which keeps the company on itssuccessful track", Gordon Riske, CEO of KION Group added. "Withlenders' support KION now has all prerequisites to continue toexecute its proven growth strategy and fully exploit businessopportunities. KION will make use of this crisis to furtherstrengthen its global position."The CompanyThe KION Group, with its Linde, STILL, OM and Baoli brands, isEurope's market leader in industrial trucks, the global number two inthe industry and the leading international supplier in China. TheKION Group employed over 21,000 people and generated revenue ofaround ?4.6 billion in the 2008 financial year.For further information please contact:Michael HaugerHead of Communications and Investor RelationsTel.: +49 (0)611 770 655Email: michael.hauger(at)kiongroup.comFrank KopfingerHead of Investor RelationsTel.: +49 (0)611 770 220Email: frank.kopfinger(at)kiongroup.comhttp://hugin.info/137240/R/1341974/321079.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 17.09.2009 - 14:30 Uhr
Sprache: Deutsch
News-ID 5929
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