Congress Financial is said to be close to joining Bank of America's $200 million, three-year asset-based refinancing for Hyundai Motor America, the U.S. distributor of Hyundai automobiles and auto parts. GE Capital, CIT Group and Foothill Capital have already committed to the best-efforts credit, according to a banker familiar with the deal's syndication. The credit is secured by accounts receivable and inventory. Pricing is LIBOR plus 2% and is tied to a utilization-based grid, and there is an unused fee of 1/4% at closing. The credit refinances an $85 million secured revolver. Sales in 2001 reportedly were approximately $4 billion. Calls to officials at Congress Financial were not returned.
Congress Mulls Hyundai Loan