Kia Motors America Secures Financing
IRVINE, Calif. — Kia Motors America announced today that it has successfully closed a $305 million revolving credit line with a group of leading U.S.-based financial institutions.
Of the funding group, Wells Fargo Foothill, a part of Wells Fargo & Co., is the leading lender, with Banc of America Securities LLC and JPMorgan Chase Bank, N.A. as co-lead arrangers for KMA. Bank of America, N.A., is the syndication agent.
"With credit being extremely tight these days, we are especially pleased these institutions recognize KMA's stronghold in the U.S. automotive market," said Byeong Wook (David) Kim, chief financial officer for Kia.
"KMA is growing and continuing to gain market share, and this is further recognition of the strength of our business commitment," he added.