DGAP-News: KION Group launches request to extend existing loan maturities

2012-06-08 / 09:18:00

KION Group launches request to extend existing loan maturities

Wiesbaden, 08 June 2012 - KION Group GmbH, one of the two leading global manufacturers of forklift trucks and warehouse equipment, announced today that it is requesting its existing term loan facility B and term loan facility C lenders to extend the maturities on these facilities from December 2014 (TLB) and December 2015 (TLC) to December 2017. As part of this request KION has also proposed increased flexibility to repay the 2nd lien loan. Existing revolving credit facility lenders are being requested to extend maturities from December 2013 to December 2016.

Together with the maturity extension KION is requesting lenders to approve certain other commercial and technical amendments and documentary changes. These include a moderate increase in the acquisitions basket and - following an IPO - additional flexibility to pay dividends, as well as the elimination of certain financial covenants once leverage ratios are achieved.

Lenders are being requested to submit their approvals by 27 June 2012. In formulating this amendment KION has held a number of bilateral discussions with lenders holding a substantial proportion of the facilities. As a consequence a large number of the lenders have already indicated their in principle support for this proposal.

The Company
The KION Group with its six brands - Linde, STILL, Fenwick, OM, Baoli and Voltas - is Europe's market leader for industrial trucks, the global number two in the industry and the leading international supplier in China. Its Linde and STILL brands serve the premium segment worldwide. Fenwick is the largest supplier of material-handling products in France, while OM STILL is an Italian market leader. The Baoli brand focuses on the economy segment, and Voltas is one of the two market leaders in India. In 2011 the KION Group employed around 22,000 people and generated revenue of more than EUR4.4 billion.

This press release contains forward-looking statements, involving known and unknown risks, uncertainties and other factors, many of which are outside the control of the KION Group ('KION'), are difficult to predict and may cause future developments to differ significantly from assumed developments as expressed or implied in the forward-looking statements in this press release.
Any liability (including in respect of direct, indirect or consequential loss or damage) of any member of KION with a view to the information contained in this press release is expressly disclaimed. This press release does not purport to contain all of the information that may be required to evaluate any proposed transaction, and any recipient hereof should seek its own legal, accounting and other relevant professional advice.
No member of KION undertakes any obligation or expects to update or revise this press release, including forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.

For further information please contact
Michael Hauger
Head of Corporate Communications
Phone +49 (0) 611.770-655
E-mail: michael.hauger@kiongroup.com

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Dr. Christopher Spies

Senior Manager Corporate Communications

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