Milbank LLP advised Export Development Canada (“EDC”) in connection with the issuance of US$1 billion floating rate bonds due August 2028. EDC, a Crown corporation, is Canada’s export credit agency, with a mandate to support and develop Canada’s export trade and Canadian capacity to engage in that trade. The bonds, which bear interest at a rate based on compounded SOFR, are the first EDC global bond to feature a floating interest rate.
The Milbank deal team was led by Corporate Finance and Securities partner Paul Denaro and associates Ian Hunley and Kendall Langs. The deal team also included Tax partner Andrew Walker and associate Michelle Song.
