IRVINE, Calif. — Kia Motors America (KMA) announced last Thursday that it successfully closed a $305 million revolving credit line with three U.S. lenders.
The three-year agreement is led by Wells Fargo Foothill, part of Wells Fargo & Company, is the leading lender, with Banc of America Securities LLC and JPMorgan Chase Bank acting as secondary lenders.
The credit line replaces a $300 million agreement with Bank of America Corp., according to Bloomberg.
“With credit being extremely tight these days, we are especially pleased these institutions recognize KMA’s stronghold in the U.S. automotive market,” said chief financial officer Byeong Wook (David) Kim. “KMA is growing and continuing to gain market share and this is further recognition of the strength of our business commitment.”
Kia recorded sales of 24,724 vehicles in March, down less than 1 percent from 24,871 in the year-ago period. The Korean automaker’s year-to-date sales totaled 68,893, up 1 percent from the 68,214 units sold during the same period in 2008.