December 19, 2013

KNM Secures RM983 Million Loan For Borsig Group Acquisition

KNM Group Bhd has secured a loan of up to 220 million euros or RM983 million from European lenders to settle its existing term-loan for the acquisition of the Borsig Group.
 In a filing to Bursa Malaysia today, KNM said the tenure of the loan would be up to five years and expected the full payout for the Borsig Group to improve the company's debt profile.
 The group entered into an agreement on Wednesday with UniCredit Bank AG, UniCredit Luxemborg SA and other participating financial institutions.
 "The term-loan facility shall ultimately be applied towards the full discharge and settlement of the company's existing term-loan for the Borsig Group acquisition," added KNM.
Source: Bernama