Milbank, Tweed, Hadley & McCloy LLP has advised Canada’s export credit agency Export Development Canada (EDC) in its second annual offering of green bonds. The $300 million SEC-registered offering of 1.250% bonds due 2018 closed on December 8. EDC was among the first SEC-registered green bond issuers and this new bond offering reinforces EDC’s commitment to developing the Green Bond market.
Crédit Agricole CIB, Bank of America Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. International plc acted as underwriters.
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. Transactions supported by EDC’s green bonds will include those aimed at the preservation, protection, or remediation of air, water or soil or the mitigation of climate change.
Milbank Global Securities partner Paul Denaro led the team advising EDC, along with Tax partner Andrew Walker and associates Conor Colasurdo and Michael Goon.
Mr. Denaro commented: “This transaction reflects EDC’s commitment to the environment and to its corporate social responsibility principles, and will help pave the way for other governments or corporations that want to issue green bonds. We’re honored to help EDC obtain financing from the capital markets to support its environmental lending initiatives.”
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