Narrative
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Project narrative
On June 14, 2022, the Frankfurt Branch of the Bank of China (BOC) entered into two €100.0 million EUR bilateral loan agreements (€200.0 million EUR total) with KION Group AG — a German multinational firm that manufacturers materials handling equipment and is the world's second largest maker of forklift trucks that, at the time, was 46.5% owned by Chinese state-owned company Weichai Power Co., Ltd. with 0.1% owned by staff and 53.4% free-floating and traded on the Frankfurt Stock Exchange — for unspecified purposes. KION Group "generally" issues guarantees to the banks for its payment obligations. One loan carried an approximately four-year maturity period, a final maturity date in 2026, and an interest rate based on a variable with a provision that the lender may demand immediate repayment if a persons or persons acquired over 50% of KION Group's shares and cancel the loan. Record ID#102197 captures this loan. The other loan carried a face value of €100.00 million EUR, with an interest rated based on a variable interest rate and a maturity date sometime between 2023 and 2026. Record ID#102200 captures this loan. In 2022, KION Group entered into six bilateral loans worth €100.0 million EUR each for a total of €600.0 million EUR, including the two BOC loans. In 2022, €25 million EUR was repaid under one of these loans. Then, in 2023, the borrower repaid five bilateral loans — €475.0 million EUR of debt — including one of the BOC loans (Record ID#102200), some of the loans ahead of schedule. As of December 31, 2013, the remaining €100.0 million EUR BOC loan (Record ID#102197) was still available It has a total volume of €100.0 million (December 31, 2022: €575.0 million). Five bilateral bank loans with a total volume of €475.0 million were repaid in 2023, in some cases ahead of schedule. KION GROUP AG generally issues guarantees to the banks for Group companies’ existing payment obligations..