A German forklift truck company that 18 months ago needed a cash injection from owners Goldman Sachs and Kohlberg Kravis Roberts has been able to take advantage of the booming high yield bond market to raise €500m.

Kion, which is jointly owned by Goldman Sachs Capital Partners and KKR, said today it has placed €500m of senior secured notes to refinance its debt, partly extending its debt maturities into 2018.