Kia’s $700 Million Dual-Tranche Green Notes Offering

Cleary Gottlieb represented BofA Securities, Citigroup, J.P. Morgan, Societe Generale, and Standard Chartered Bank, as joint bookrunners and lead managers, in Kia Corporation’s (Kia) Rule 144A/Reg S dual-tranche offering of $400 million 2.375% notes due 2025 and $300 million 2.75% notes due 2027.

The notes were issued as “green bonds” under the Kia Corporation green finance framework.

The notes were listed on the Singapore Exchange. The offering priced on February 8, 2022, and closed on February 14, 2022.

Kia is the second-largest automobile manufacturer in Korea, and together with its largest shareholder, Hyundai Motor Company, ranked fifth in global vehicle sales in 2020 with a global market share of 9%.