KION places €1 billion of Schuldschein fixed- and floating-rate notes

By Devika Patel

Knoxville, Tenn., Feb. 21 – KION Group AG said it issued its first Schuldschein promissory notes for €958 million.

The notes are divided into tranches with maturities of five, seven and 10 years, with fixed- and floating-rate coupons.

The proceeds will be used for refinancing the €459 million remaining debt under the €3 billion bridge loan that the company obtained for the acquisition of Dematic.

“By issuing the promissory notes very soon after the acquisition of Dematic, we have made full use of the favorable interest rate environment in order to refinance a substantial part of the acquisition financing,” chief financial officer Thomas Toepfer said in a press release.

“By issuing the promissory notes in an attractive market environment and thereby also significantly extending the maturity profile of KION's financing, the KION Group again demonstrates its conservative financing policy,” Toepfer said.

KION is a Wiesbaden, Germany-based provider of industrial and warehouse equipment and other material handling equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.