Kia Motors issues US$500 mln in global bonds

SEOUL, June 8 (Yonhap) -- Kia Motors Corp., South Korea's second-largest automaker, said Wednesday that it has raised US$500 million by selling dollar-denominated bonds to repay maturing debts.
The five-year bonds issued on Tuesday carry an interest rate of 3.625 percent, or 2.08 percentage points more than U.S. Treasuries with the same maturity, Kia Motors said.
State-run Korea Development Bank, Morgan Stanley, Citigroup Global Markets Korea Securities and Bank of America Merrill Lynch arranged the bond sale.
Proceeds from the bond issuance will be used to repay Kia Motors' maturing foreign debts and pay for operational costs, the auto firm said.
pbr@yna.co.kr