KIA MOTORS AMERICA SECURES $305 MILLION IN FINANCING
Company Obtains Revolving Credit Line From Leading Banking Institutions
IRVINE, Calif., April 2, 2009 Kia Motors America (KMA) today announced the company 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, part of Wells Fargo Company, is the leading lender, with Banc of America Securities LLC and JPMorgan Chase Bank, N.A. as co-lead arrangers for KMA and Bank of America, N.A., as syndication agent.
With credit being extremely tight these days, we are especially pleased these institutions recognize KMAs stronghold in the U.S. automotive market, said Byeong Wook (David) Kim, CFO, KMA. KMA is growing and continuing to gain market share and this is further recognition of the strength of our business commitment.
Kia Motors Product Line
Kia Motors America offers a dynamic and diverse product line of 12 vehicles to meet the needs of all lifestyles. The vehicle line features the functional Rondo CUV and award-winning Sedona minivan along with a wide variety of popular passenger cars, including the refined Amanti full-size sedan, purposeful Optima midsize sedan, versatile and compact Spectra and Spectra5, and sporty yet fuel-efficient Rio and Rio5 subcompacts. The vehicle line also features the affordably luxurious Borrego, rugged Sorento and value-packed Sportage SUVs. The 2010 Soul further complements the lineup as it arrives in dealerships, as will the 2010 Forte sedan.
About Kia Motors America
Kia Motors America (KMA) is the sales, marketing and distribution arm of Kia Motors Corporation based in Seoul, South Korea. KMA offers a complete line of vehicles through more than 640 dealers throughout the United States. For 2008, KMA recorded its 14th consecutive year of increased U.S. market share. Kia Motors subscribes to a philosophy of building high value, high quality, safe and dynamic vehicles. Kia Motors prides itself on producing vehicles that are exciting and enabling and evoke the Kia tagline The Power to Surprise.
Kia Motors America is the Official Automotive Partner of the NBA. Information about Kia Motors America and its full vehicle line-up is available at its Web site www.kia.com. For media information, including photography, visit www.kiamedia.com.