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KION calls €450 million 6¾% bonds due 2020 at 103.375 via new loans
By Susanna Moon
Chicago, Feb. 5 – KION Group AG said it called its €450 million of 6¾% bonds due 2020, contingent on securing financing.
KION will redeem its €480,375,000 of outstanding 6¾% bonds at 103.375 plus accrued interest to the redemption date of Feb. 15 and any additional amounts, according to a conditional redemption notice to bondholders.
Deutsche Bank AG, London Branch (fax +44 20 7547 6149) is the principal paying agent.
The company will repay the 6¾% bonds using proceeds of a new €1.5 billion corporate credit facility, according to a separate company press release.
The repayment is part of the company’s move to a “financing structure with typical terms for established corporates” since its initial public offering in June 2013, the company said in the press release.
KION is repaying the last bond issued before its IPO and is refinancing its pre-IPO credit facility with the new facility that includes improved investment-grade terms, the release noted.
“These financing transactions are further important milestones for the KION Group, because we are now set up also on the financing side as an established listed corporate,” Thomas Toepfer, KION’s chief financial officer, said in the company release.
“We have now left the last elements of our financing from the early days of the KION Group behind us. The new financing with investment-grade style features significantly improves the terms for the KION Group and its flexibility to pursue its profitable growth.”
KION is a Wiesbaden, Germany-based provider of industrial and warehouse equipment and other material handling equipment.
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