HONG KONG, Dec 17 (Reuters) - Hyundai Motor Co , South Korea's top auto maker, has sold US$400 million of five-year bonds at a spread of 212 basis points over comparable U.S. Treasuries, lead manager Goldman Sachs said on Wednesday.
The company raised the size of the offering from US$300 million and tightened the price guidance from the initial 215 basis points over Treasuries due to strong investor demand.
A Hyundai Motor official said on Friday the company needs to raise US$400 million by the first half of next year out of a total US$1.1 billion required to finance the construction of a plant in Alabama, United States.
The 5.30 percent coupon bonds were priced at 99.753 to yield 5.375 percent, Goldman said.
Global ratings agency Standard & Poor's has rated the Hyundai debt at BB-plus, one notch below investment grade, while rival Moody's Investors Service assigned a Ba1 rating.
Hyundai Motor shelved a US$400 million, seven-year debt offering last month as borrowing costs had risen due to liquidity problems in the country's credit card industry and risks in emerging market bonds after a bomb attack in Istanbul.