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Kia Motors to borrow $450 mln at LIBOR+56 bps-KEIC

Tue Apr 15, 2008 11:14pm EDT

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SEOUL, April 16 (Reuters) - Kia Motors Corp (000270.KS) has agreed to borrow $450 million at 56 basis points over LIBOR, the Korea Export Insurance Corp (KEIC), which guaranteed the loan, said on Wednesday.

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KEIC said Kia, South Korea's second-largest auto maker, is raising the money from four banks including ABN AMRO AAH.AS, HSBC (HSBA.L) and ING (ING.AS) to invest in its first U.S. factory in the state of Georgia. (Reporting by Cheon Jong-woo; Editing by Keiron Henderson)

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