CIBC LENDS $80 MILLION TO BRAZILIAN CONSORTIUM; Ex-Im Bank-Supported Arrangement Will Pay for Purchases of U.S. Drilling Equipment.NEW YORK--(BUSINESS WIRE)--Nov. 6, 1995--Canadian Imperial Bank of Commerce (CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company ) today announced that it has extended a U.S. $80 million loan to IVI-Sade Vigesa, a Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r consortium made up of the largest shipyard in South America and a Brazilian construction and manufacturing company. The loan, which is supported by the Export Import Bank of the United States Bank of the United States, name for two national banks established by the U.S. Congress to serve as government fiscal agents and as depositories for federal funds; the first bank was in existence from 1791 to 1811 and the second from 1816 to 1836. (Ex-Im Bank See Export-import Bank. ), will be used by the consortium to purchase equipment from U.S. manufacturers for an off-shore production facility it is constructing for the Brazilian state oil company, Petrobras. Most of the equipment will be purchased through Mustang Engineering, Inc., a Houston-based company that will procure equipment from more than 30 suppliers in the United States. It is anticipated that the purchases will be made over a two-year period. "We are excited about our financing role in this endeavor because it will have positive effects in the United States as well as in Brazil," said Allyn W. Keiser, managing director and head of global corporate banking for CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets. Canadian Imperial Bank of Commerce Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. , the marketing banner under which CIBC and its investment dealer subsidiary, CIBC Wood Gundy Securities Inc., and its affiliates offer credit and capital market services globally. "According to ratios from the Department of Commerce, which estimates that each $1 billion in exports creates between 17,000 and 20,000 jobs, this transaction could create some 1,500 jobs in the United States." The largest Ex-Im Bank-supported loan in Brazil in fiscal 1995, the credit has a one-year term with repayment expected 360 days from each shipment. "We're extremely grateful for Ex-Im Bank's involvement in this transaction," said Charles Carlson, a managing director in CIBC Wood Gundy's Global Structured Trade Finance group, which originated the loan. "The Ex-Im Bank guarantee made it easier for us to participate, and we are hopeful it will open the door for us to participate in similar arrangements in Brazil going forward." CIBC, with assets of U.S. $119 billion, is one of the 10 largest banks in North America and the second largest financial institution in Canada. In 1988, it acquired a majority interest in Wood Gundy Inc., a leading Canadian investment dealer that was renamed CIBC Wood Gundy Securities Inc. this month. CIBC maintains its U.S. headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and has offices in Atlanta, Chicago, Houston, Los Angeles and San Francisco. Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). (CIBC) is licensed to do business in the United States and is affiliated with CIBC Wood Gundy Securities Corp., a New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. member formerly known as Wood Gundy Corp. CIBC Wood Gundy Securities Corp. is solely responsible for its contractual obligations and commitment. CONTACT: Robert S. Cole Corporate Communications USA 212/856-4030 |
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