Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, William Schmarzo, Elizabeth White, Carmen Gonzalez, tru welu

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

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 SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
T-Mobile has been transforming the wireless industry with its “Uncarrier” initiatives. Today as T-Mobile’s IT organization works to transform itself in a like manner, technical foundations built over the last couple of years are now key to their drive for more Agile delivery practices. In his session at DevOps Summit, Martin Krienke, Sr Development Manager at T-Mobile, will discuss where they started their Continuous Delivery journey, where they are today, and where they are going in an effort ...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
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 wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo – to be held June 3-5, 2015, at the Javits Center in New York City – will expand the DevOps community, enable a wide...
The web app is Agile. The REST API is Agile. The testing and planning are Agile. But alas, Data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes which force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software orga...
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, con...
Cloud Expo, Inc. has announced today that Andi Mann returns to DevOps Summit 2015 as Conference Chair. The 4th International DevOps Summit will take place on June 9-11, 2015, at the Javits Center in New York City. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...