By Marisa Wong and Cristal Cody
Los Angeles, Feb. 9 – Kia Corp. sold $700 million of green notes (Baa1/BBB+) in two tranches on Tuesday, according to a market source.
Kia priced $400 million of 2 3/8% three-year notes with a spread of 90 basis points over Treasuries. Initial price talk was in the Treasuries plus 120 bps area.
The company also priced $300 million of 2¾% five-year notes with a spread of 105 bps over Treasuries. Initial price talk was in the Treasuries plus 130 bps area.
BofA, Citigroup, JPMorgan, Societe Generale and Standard Chartered Bank are the bookrunners.
The automobile manufacturer is based in Seoul, South Korea.
| Issuer: | Kia Corp.
|
| Amount: | $700 million
|
| Issue: | Green notes
|
| Bookrunners: | BofA, Citigroup, JPMorgan, Societe Generale and Standard Chartered Bank
|
| Pricing date: | Feb. 8
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
|
|
| 2025 notes
|
| Amount: | $400 million
|
| Maturity: | Feb. 14, 2025
|
| Coupon: | 2 3/8%
|
| Spread: | Treasuries plus 90 bps
|
| Initial price talk: | Treasuries plus 120 bps area
|
|
|
| 2027 notes
|
| Amount: | $300 million
|
| Maturity: | Feb. 14, 2027
|
| Coupon: | 2¾%
|
| Spread: | Treasuries plus 105 bps
|
| Initial price talk: | Treasuries plus 130 bps area
|
|
|
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