BANK OF AMERICA, BANK OF CHINA AND CREDIT SUISSE ARRANGE US$100 MILLION COMMERCIAL PAPER PROGRAM FOR CHINA OCEAN SHIPPING (GROUP) COMPANY.SAN FRANCISCO--(BUSINESS WIRE)--March 21, 1995--Bank of America, Bank of China and Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. today announced they have arranged a $100 million U.S. commercial paper program for China's largest state-owned shipping company, China Ocean Shipping (Group) Company (COSCO COSCO China Ocean Shipping Company COSCO Colorado Scientific Company (Denver) ). COSCO will use the proceeds from the commercial paper program, its first U.S. debt issuance, to fund trade financing activities. The program is supported by a Letter of Credit issued by Credit Suisse. The commercial paper is rated A1+/P1 by Standard & Poor's and Moody's Investor Services, respectively. Participants in the syndication are Bank of China, Credit Suisse, Sakura Bank, Dai-Ichi Kangyo Bank The Dai-Ichi Kangyo Bank, Limited (株式会社第一勧業銀行 , and Monte dei Paschi de Siena. BA Securities Inc., BankAmerica Corporation's wholly-owned securities subsidiary, will be the sole commercial paper dealer. COSCO, one of the world's largest shipping companies, was reorganized in February 1993 with the merger of four companies, China Ocean Shipping Company, the China Ocean Shipping Agency, the China Marine Bunker Supply Company and the China Road Transportation Company, each the leader in its respective field, which now comprise its four major operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon . Currently, COSCO has eight sub-shipping companies based in Guangzhou, Shanghai, Tianjin, Qingdao, Dalian, Lianyungang, Shenzhen and Xiamen. They own and operate a modern, commercial fleet of over 500 vessels, including container vessels, general cargo Cargo that is susceptible for loading in general, nonspecialized stowage areas or standard shipping containers; e.g., boxes, barrels, bales, crates, packages, bundles, and pallets. vessels, timber carriers, reefers, passenger-cargo vessels, bulk carriers and oil tankers. In all, the fleet serves 1,100 ports in over 150 countries and regions. Apart from shipping, COSCO's business activities include finance, tourism, air transport, real estate, freight forwarding, warehousing, port management, ship repairing, container manufacture, ship trading, etc. COSCO has over 300 subsidiaries in China and abroad, including 70 overseas offices. BankAmerica has arranged U.S. commercial paper programs for a diverse group of issuers, including public sector companies, financial institutions, and private sector corporations. BankAmerica is the second largest bank holding company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. based on assets, with offices in 36 countries. It provides capital markets, credit and banking services to large corporations, nationally and internationally. CONTACT: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Susan Clevenger Stanley, 415/622-4449 Bank of China Zhicheng Zhu, 212/935-3101 Credit Suisse Richard Dunn Richard Dunn (born January 19 1945) is an English boxer who unsuccessfully fought Muhammad Ali for the world heavyweight title in 1976. Ali knocked Dunn out in the fifth round and this was the last knockout he ever scored. , 212/238-9072 |
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