K+S Group, Kassel, said following the sale of its Americas operating unit, it has terminated the syndicated credit line of €350 million (approximately US$427.3 million at current exchange rates) agreed with Germany’s KfW state development bank and other banks in August 2020.
The company secured the additional credit loan to provide access to additional financial resources in the wake of the COVID-19 pandemic, should it prove necessary (GM Aug. 14, 2020). In its May 18 statement, it said it had not had to draw on the credit line.
K+S secured around €2.6 billion in net proceeds from the sale of its Americas operating unit, which closed at the end of April (GM May 7, p. 44). In this week’s statement, the company said immediately after the closing, it repaid about €1 billion towards its financial liabilities. It plans to use the entire net proceeds from the Americas sale to repay liabilities.
K+S’ net financial liabilities as of March 31, 2021, stood at €3.185 billion, and its debt-to-EBITDA ratio stood at 7.2x (GM May 14, p. 28).