Posted by Jimmy Song > 2013-12-20 09:09 | Report Abuse

KNM ENTERS INTO CREDIT FACILITY TO SETTLE BORSIG ACQUISITION TERM LOAN SELANGOR, 19 DECEMBER 2013 – KNM Group Berhad (“KNM” or the “Group”) announced today that the Group’s wholly-owned subsidiaries, Deutsche KNM GmbH and Borsig GmbH had on the 18 December 2013 entered into and executed a Facility Agreement with UniCredit Bank AG (as Arranger), UniCredit Luxembourg S.A. (as Agent) and other participating financial institutions for credit facilities of up to EUR220 million. (approx. RM995 million) comprising a term loan of EUR60 million and bank guarantee facilities of up to EUR160 million. The term loan will be applied towards the full discharge and settlement of the Group’s existing term loan for the Borsig Group acquisition while the Guarantee Facilities of up to EUR160 million will facilitate the general corporate and working capital requirements of the Borsig Group of companies. KNM further announced that the full discharge and settlement of the Group’s existing term loan for the Borsig Group acquisition will enhance the financial debt maturity profile of the Group, improve its financial ratios and provide substantial savings in terms of lower financing costs for KNM.