Hyundai Capital America (HCA) finances purchases of Hyundai andKia vehicles across the United States. The business has grownrapidly over the past decade along with sales of Hyundai- andKia-branded cars. For HCA, this growth led to a heavy reliance ondebt and stretched the company's capital structure toward the upperlimits of internal targets for debt-to-equity leverage.

“The perception of the quality of our brands has reached aninflection point since the financial crisis, and our business hasgrown in lockstep with those brands,” says Frank Boroch, directorof treasury for HCA. “That has been tremendous, but becauseborrowed money is the raw ingredient for the finance division, wewere pounding the pavement looking for organizations willing andable to lend to us on a repeat basis and at the lowest ratepossible.”