Hyundai Capital America wants a new $1.2 billion three-year revolving credit line

Article by Christian A., on November 23, 2012

Hyundai Capital America (HCA) wants to get a new $1.2 billion three-year revolving credit line and has requested proposals from several banks. Hyundai Capital America is the U.S. auto finance unit of Hyundai Motor Co. and is based in California. HCA is an indirect, majority-owned subsidiary of HMC. It offers financing to U.S. dealers and consumers to acquire Hyundai and Kia cars via dealer floor plan arrangements, retail installment contracts, and leases.

A source said that international banks were invited to offer bids for the global agreement, which will primarily be directed at lenders in North America. According to another source, four to five banks are already participating in the deal and HCA hopes for a deal to be completed by the end of 2012.

U.S. Parent HMC and subsidiary HCA have the same ratings since it will enable the raising of funds at the same competitive level. S&P has given both companies a BBB+ rating while Moody’s gave a Baa1 rating.

This was after Moody's upgraded the rating of HCA from Baa2 on November 2. Its outlook was then revised from stable to positive. U.S. subsidiary HCA came in last in the loan market for a $150 million three-year loan in December 2010. On October 25, Reuters reported that HMC’s quarterly net profit rose by 13% to $2 billion.

Topics: hyundai

If you liked the article, share on:

Comments

Recommended

The first time Porsche revealed the Panamera Sport Turismo to the public was during the 2017 Geneva Motor Show earlier this year. And now it has already entered production, and...
by - July 27, 2017
Autocar has got some juicy rumours for us regarding a new McLaren hypercar. The British publication has inside sources claiming that a new model will be added to the Ultimate...
by - July 27, 2017
Ferrari has recently launched the New Power15 extended warranty program. The company developed this program in response to the notion that supercars are very expensive to maintain. Truth be told,...
by - July 27, 2017
The UK it seems is about to take the same road as its neighbouring country France by banning sales of petrol and diesel vehicles beginning 2040. As reported by The...
by - July 27, 2017
What has BMW been up to lately? The company recently announced that they are currently focusing on electrification, and so far, their new architecture will enable “electrification of every model...
by - July 26, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries