Export Development Canada (EDC) has priced CAD 500 million 1.80% Fixed Rate Green Bond due September 1, 2022. The lead underwriters were BofA Merrill Lynch , RBC Capital Markets, TD Securities Inc. This offering is scheduled to settle on September 5, 2017.
This is EDC’s first Green Bond being issued in CAD and its fourth Green Bond in recent years, with previous bonds of USD 500M in May 2017, USD 300M in December 2015 and USD 300M in January 2014, each receiving strong support from the green bond investor community.
“Climate change is a priority for EDC and being the first Canadian Crown corporation to issue a Green Bond in CAD demonstrates the increasing demand for sustainable investment products within the Canadian market,” said Ken Kember, Senior Vice President, Finance, and Chief Financial Officer, EDC. “EDC wants to bring our expertise and ability to issue bonds into the Canadian market as a way to attract domestic and international investors to the table and stimulate growth.”
The proceeds of this Green Bond offering will go towards EDC’s portfolio of green assets, including loan assets made to companies that are active in fields of preservation, protection or remediation of air, water, and/or soil, creation of renewable energy and mitigation of climate change.
“Green Bonds are just one example of EDC’s contribution to international climate change objectives, and conscientious alignment with broader industry trends towards low carbon and climate-resilient technologies.” said Minister Francois-Philippe Champagne, Canada’s Minister of International Trade. “Canadian companies have the expertise to be world leaders in the sector and EDC’s effort to support the commercialization of these companies is critical to meet rising global demand coupled with a more efficient use of the planet’s resources.”
The Centre for International Climate and Environmental Research (CICERO), an independent research centre associated with the University of Oslo in Norway, endorsed EDC’s Green Bond Framework.
In connection with any public offering in the United States by EDC of green bonds, EDC has filed a registration statement (including a prospectus) on Form S-B with the SEC for the offering to which this communication relates. Before you invest in any such offering, you should read the prospectus in that registration statement and other documents EDC has filed with the SEC for more complete information about EDC and this offering. You may get these documents free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, in connection with any such offering, EDC, any underwriter or any dealer will arrange to send you the prospectus if you request it by calling EDC at (613) 598-2800.
This press release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
Statements made in this press release which describe EDC’s intentions, expectations, beliefs, or predictions may be forward-looking statements within the meaning of securities laws. EDC cautions that, by their nature, forward-looking statements involve risk and uncertainty and that EDC’s actual results could differ materially from those expressed or implied in such forward-looking statements
