Milbank, Tweed, Hadley & McCloy has acted as U.S. counsel to Canada’s export credit agency Export Development Canada (“EDC”) in the $1 billion SEC-registered offering of 1.750% bonds due 2020. Proceeds will be used for general corporate purposes.
EDC is an agent of Canada and a Crown corporation established by the Canadian Parliament in 1969. EDC supports Canada’s domestic and export trade and Canada’s capacity to respond to business opportunities. Backed by the Canadian government but self-financing, EDC provides loans, guarantees, insurance, bonding products and other services to Canadian exporters and investors and international buyers. EDC also supports Canadian direct investment abroad as well as inbound investment into the country.
Milbank has regularly assisted the Canadian government with its SEC-registered financings, including, in the past two years, sovereign bond offerings by the Government of Canada totaling $7.1 billion and bond offerings by EDC totaling $7.3 billion.
Milbank Global Securities partner Paul Denaro led the team advising EDC, along with Tax partner Andrew Walker and associates Conor Colasurdo and Michael Goon.
