Milbank, Tweed, Hadley & McCloy LLP has acted as US counsel to Canada’s export credit agency Export Development Canada in an SEC-registered US$1 billion offering of 1.500% bonds due 2018.  Proceeds will be used for general corporate purposes.

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.  EDC also supports Canadian direct investment abroad as well as inbound investment into the country.

Milbank has regularly assisted the Canadian government with its SEC-registered financings, including bond offerings totaling US$10 billion and €2 billion since the beginning of 2010 - most recently, a US$3 billion SEC-registered bond offering by the Canadian government in February 2012 and a US$1 billion SEC-registered bond offering by EDC in November 2012.

Milbank securities partners Robert Mullen, Jr. and Paul Denaro led the team advising EDC, along with tax partner Andrew Walker.  Also working on the financing were associates Jeremy Steckel, Kaveh Namazie and Lysondra Ludwig.

“EDC plays such a vital role in driving international – as well as domestic – trade and commerce in Canada,” Mr. Denaro said. “Milbank is honored to serve as EDC’s US Counsel in obtaining such substantial financing from the public markets to fund its operations.”