May 22, 2020 / 3:10 PM / 6 days ago

BRIEF-Kion Has Additional Credit Facility Of Up To EUR 1.0 Bln

May 22 (Reuters) - KION GROUP AG:

* HAS ADDITIONAL LIQUIDITY AT ITS DISPOSAL

* ADDITIONAL CREDIT FACILITY OF UP TO EUR 1.0 BILLION IN TOTAL

* 80 PERCENT OF TOTAL PUT UP BY KFW AND 20 PERCENT BY KION GROUP’S CORE BANKS

* EXTENSIVE COST-CUTTING MEASURES INITIATED

* TEMPORARY SUSPENSION OF COVENANTS AGREED WITH BANKS THAT PROVIDE GROUP’S FUNDING

* EUR 800 MILLION IS BEING PUT UP BY KFW, GERMANY’S DEVELOPMENT BANK, AND EUR 200 MILLION BY KION GROUP’S CORE BANKS

* REDUCTION OF DIVIDEND TO BE PAID IN 2020 TO EUR 0.04 PER SHARE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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