Welcome!

News Feed Item

CORRECTION FROM SOURCE/Canadian Banking Group Led by EDC Co-Finance USD 775 M for Brazilian Mining Leader Vale

OTTAWA, ONTARIO -- (Marketwired) -- 04/08/14 --

This document corrects and replaces the press release that was sent today, April 8, 2014 at 10:21 am EDT. The error occurred in the 3rd paragraph where it should have read "...and The Bank of Nova Scotia providing the remaining USD 275 M."

A Canadian banking partnership led by Export Development Canada (EDC) today announced USD 775 million in financing for the global capital expenditure plans of Vale SA, the Brazilian mining conglomerate.

Vale is the largest Brazilian investor in Canada, with over USD 7.6 B of investment and 7,100 personnel employed in Canada, including its global center of expertise for base metals. Headquartered in Rio de Janeiro, Vale operates in 31 countries and is the one of the largest corporation in Brazil.

The new financing facility is made up of USD 500 M from EDC, with the Royal Bank of Canada, Canadian Imperial Bank of Commerce, and The Bank of Nova Scotia providing the remaining USD 275 M.

EDC and Vale already have a positive working relationship. In 2010, EDC provided a USD 1 B financing facility for Vale, with USD 500 M earmarked for their global operations and USD 500 M for Vale's Canadian operations in Ontario and Newfoundland and Labrador.

"For every dollar that EDC has provided in financing to Vale over the past 4 years, Vale has spent $1.20 in buying from Canadian companies," said Rajesh Sharma, Senior Vice-President and Group Head, Global Business Development.

"That's where the relationship between EDC and Vale delivers real, meaningful value for both parties" Mr. Sharma added. "Vale benefits from a stable and dependable global financier, and they also benefit from the increasing number of leading-edge Canadian companies that help them grow their global business. In so doing, those Canadian companies grow alongside with them."

As part of its value to Canadian exporters, EDC proactively develops new financial relationships with foreign corporations that can be leveraged towards introducing new Canadian supply and services into their global value chains, particularly among small- to medium-sized companies (SMEs). Brazil is a priority market under the Government of Canada's Global Market Access Plan.

Since EDC undertook these proactive relationships and the resulting matchmaking sessions in 2003, EDC has concluded 297 financing facilities with 225 buyers in 48 different countries. Overall, EDC has opened the door to over CAD 38 B in new exports for more than 4,100 Canadian exporters, 93% of which were SMEs, against total loans of CAD 25 B.

"Introducing Canadian companies to their next international buyer is the best part of my job, almost as good as when our foreign customers thank us for introducing them to Canadian companies that helped them grow," said Mr, Sharma. "It speaks to the core of global trade when both parties get more out of the deal than they put in."

The loan facility was structured as an unsecured, non-revolving loan facility. The transaction was underwritten at market rates, consistent with EDC's commercial principles and those of the financing group.

Vale was EDC's first Brazilian financing customer in 1963.

About EDC

EDC is Canada's export credit agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private- and public-sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.

For more information about how EDC can help your company, visit www.edc.ca

Contacts:
Phil Taylor
Export Development Canada
[email protected]
613-598-2904

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...