Milbank LLP represented a group of international financial institutions on a $940 million financing for Korean auto parts manufacturer Hyundai Mobis to expand its US electrification businesses. The 10-year green loan will finance the construction and development of electric vehicle (EV) parts manufacturing plants in Alabama and Georgia.
The group of investors includes Australia and New Zealand Banking Group Limited, Hongkong and Shanghai Banking Corporation, Korea Trade Insurance Corporation and a consortium of international commercial banks.
The transaction is the first overseas green financing for Hyundai Mobis and one of several major financings in the region for Korean auto and EV battery manufacturers. Hyundai Mobis plans to spend a total of $1.3 billion by 2030 to construct EV parts plants in the US.
“This landmark overseas investment will significantly expand the manufacturing footprint of Hyundai Mobis and further electrification goals in the US,” said Global Project, Energy and Infrastructure Finance partner David Gartside, who is based at Milbank’s Seoul office. “It was a real honor to support Hyundai Mobis’ financiers on this key financing,” added Seoul-based special counsel Brian Youn.
The Milbank team was led by Mr. Gartside and Mr. Youn and included Seoul-based associate Chloe Kim as well as support from attorneys in the firm's New York office.
