Firm regularly advises Canadian government and agencies in SEC-registered offerings
Milbank LLP has served as US counsel to Canada’s export credit agency, Export Development Canada, in its SEC-registered US$1 billion offering of 1.625% global bonds due 2019 which closed in December 2014. Proceeds will be used for corporate purposes.
EDC is an agent of Canada and a Crown corporation established by the Canadian Parliament in 1969. Its mission is to support Canada’s domestic and export trade and also to support the nation’s ability 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 their SEC-registered financings, including approximately US$15 billion by EDC and US$9.5 billion by the government of Canada in dollar-denominated bond offerings and €2billion in euro-denominated offerings by the government of Canada since 2009. That includes four SEC-registered global bond offerings by EDC in 2014 for an aggregate amount of US $3.3 billion.
Milbank’s deal team was led by Global Securities partner Paul Denaro, who in the last 18 months has led transactions resulting in the issuance of over $100 billion of debt and equity securities in the capital markets. Also working on the transactions were New York-based Tax partner Andrew Walker, along with New York-based Global Securities associates Kaveh Namazie and Gladisley Sanchez and Tax associate Erika Hauser.
Mr. Denaro said, “We’re very pleased to continue our work with the Canadian government and key agencies in helping them execute their mission to support and stimulate economic growth. EDC is one of Canada’s most significant business and economic development engines, and the latest bond offering demonstrates that international capital markets have strong faith in EDC’s stability and importance in advancing Canada’s export-based economy.”
