On 2 July 2013, the KION Group received the outstanding proceeds from the IPO and capital increase from Weichai Power. They totalled € 701.6 million after deduction of bank fees. Once all the proceeds from the IPO had been received, the KION Group used this cash, along with part of the new loan facility and existing cash reserves, to pay back the long-term bank liabilities resulting from the acquisition finance arrangements (Senior Facilities Agreement or SFA). In addition, the floating rate note, which was due to mature in 2018 and amounted to € 175.0 million, was paid back in full on 19 July 2013.
In connection with the IPO, the KION Group agreed a new revolving loan facility with a group of banks for € 995.0 million with a term to maturity of five years after the IPO. Combined with the current low level of interest rates, this loan facility offers more favourable credit terms in line with those typically available to comparable listed companies.
Wiesbaden, 7 August 2013
The Executive Board
Dr. Thomas Toepfer
Ching Pong Quek