2013-02-04 11:26:25 -
KION GROUP GmbH /
KION Finance S.A. announces launch of Euro denominated senior notes offering
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
KION Finance S.A. announces launch of Euro denominated senior notes offering
Luxembourg, 4 February 2013 - KION Finance S.A. announced today that it intends
to launch an issue of Euro denominated senior secured notes with a volume of
Euro 350 million. KION Finance S.A. will on-lend the net proceeds to companies
of the KION Group, guaranteed by KION Group GmbH and certain subsidiaries of
KION Group GmbH, in order to refinance existing first lien loan indebtedness.
The offering is expected to commence today.
Thomas Toepfer, CFO of KION Group, said: "Based on continued positive
development of our
business in 2012 and the improved credit profile after the
Weichai transaction we seek to take advantage of the improved capital markets
environment to further extend the KION Group's debt maturity profile and further
diversify our investor base."
Based on initial management reporting, the KION Group estimates order intake for
the financial year 2012 to be between Euro 4.65 billion and Euro 4.75 billion
and revenue between Euro 4.65 and 4.75 billion compared to order intake of Euro
4.682 billion and revenue of Euro 4.368 billion in 2011. KION Group estimates
EBIT (adjusted for KION acquisition items and non-recurring items) for the
financial year 2012 to be between Euro 430 million and Euro 440 million (2011:
Euro 365 million) leading to an estimated EBIT margin of more than 9 per cent
(2011: 8.3 per cent). Adjusted EBITDA for the financial year 2012 is estimated
to be between Euro 735 million and Euro 755 million (2011: Euro 665 million).
Net financial debt as of December 31, 2012 is estimated to be between Euro 1.80
billion and Euro 1.83 billion compared to Euro 2.657 as of December 31, 2011.
KION Finance S.A. had successfully issued Euro denominated senior secured notes
in April 2011 and thereby has established an issuance platform for KION Group in
the European high yield market. In July 2012, KION Group also extended well in
excess of €1 billion of its existing credit facilities. On 27 December 2012
Weichai Power took a 25 percent stake in KION Group via a capital increase for
Euro 467 million and in addition acquired a 70 percent stake in Linde Hydraulics
for Euro 271 million.
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 €4.4 billion.
Neither this announcement, the publication in which it is contained nor any copy
of it may be taken, transmitted or distributed, directly or indirectly, in or
into the United States of America (including its territories or possessions, any
state of the United States of America and the District of Columbia) ("the United
States"). Neither this announcement, the publication in which it is contained
nor any copy of it may be taken, transmitted or distributed, directly or
indirectly, in or into Australia, Canada or Japan or to any persons in any of
those jurisdictions or any other excluded territories. Any failure to comply
with this restriction may constitute a violation of United States, Australian,
Canadian or Japanese securities law. The distribution of this document in other
jurisdictions may be restricted by law and persons into whose possession this
document comes should inform themselves about, and observe, any such
This announcement does not constitute or form part of any offer or invitation to
sell, or any solicitation of any offer to purchase notes or any other securities
nor shall it (or any part of it) or the fact of its distribution, form the basis
of, or be relied on in connection with, any contract therefore. The offering and
the distribution of this announcement and other information in connection with
the offering in certain jurisdictions may be restricted by law and persons into
whose possession any document or other information referred to herein comes
should inform themselves about, and observe, any such restrictions. Any failure
to comply with these restrictions may constitute a violation of the securities
laws of any such jurisdiction.
In particular, this announcement does not constitute an offer for sale of, or a
solicitation to purchase or subscribe for, any securities in the United States,
Australia, Canada, Japan, Hong Kong or in any jurisdiction to whom or in which
such offer or solicitation is unlawful. Securities issued by KION Group
(including KION Finance S.A.) have not been and will not be registered under the
US Securities Act of 1933, as amended (the "Securities Act"). Securities issued
by companies of the KION Group (including KION Finance S.A.) may not be offered
or sold in the United States absent registration or an applicable exemption
from, or transaction not subject to, the registration requirements of the
Securities Act. No securities of companies of the KION Group (including KION
Finance S.A.) have been, or will be, registered under the securities laws of
Australia, Canada, Japan or Hong Kong. Subject to certain exceptions, no
securities of the KION Group may be offered or sold in Australia, Canada, Japan
or Hong Kong or to, or for the account or benefit of, any national, resident or
citizen of Australia, Canada, Japan or Hong Kong. KION Finance S.A. does not
intend to conduct a public offer of the Notes in the United States, Australia,
Canada, or Japan or Hong Kong.
This announcement does not constitute a recommendation concerning the offering.
Acquiring securities to which this announcement relates may expose an investor
to a significant risk of losing all of the amount invested. The price and value
of securities can go down as well as up. Past performance is not a guide to
future performance. Information in this announcement or any of the documents
relating to the offer cannot be relied upon as a guide to future performance.
Potential investors should consult a professional advisor as to the suitability
of the offer for the entity concerned.
The financial information in this press release relating to results of the year
ended December 31, 2012 of the KION Group are unaudited, of a preliminary nature
and subject to revision based upon our review and a review by our independent
auditors. We cannot assure you that, upon completion of our review and the
review by our independent auditors of our results for the year ended December
31, 2012, we will not report materially different results than those indicated
above. Furthermore, certain figures contained in this document, including
financial information, have been subject to rounding adjustments.
Any liability (including in respect of direct, indirect or consequential loss or
damage) of any company or employee of the KION Group (including KION Finance
S.A.) 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
No company of the KION Group (including KION Finance S.A.) 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
Head of Corporate Communications
Tel.: +49 (0) 611 770 655
Download Press Release [PDF 0.1 MB]:
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: KION GROUP GmbH via Thomson Reuters ONE