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
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors!
DXWorldEXPO LLC announced today that the upcoming DXWorldEXPO | CloudEXPO New York event will feature 10 companies from Poland to participate at the "Poland Digital Transformation Pavilion" on November 12-13, 2018.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...