Private Export Funding Corporation Makes Announcement.Business Editors PRIVATE EXPORT FUNDING CORPORATION Private Export Funding Corporation (PEFCO) Company that mobilizes private capital for financing the export of big-ticket items by US firms by purchasing at fixed interest rates the medium- to long-term debt obligations of importers of US products. ("PEFCO PEFCO See: Private Export Funding Corporation ") announced today that on Friday, June 21, 2002 it entered into a $850 million, 364-day revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, as Administrative Agent. The syndicate consists of JPMorgan Chase Bank, Citibank, N.A., 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. , N.A., Lloyds TSB Bank plc, ABN AMRO Bank N.V., Chicago Branch, The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , Bank One, NA, BNP Paribas, Wachovia Bank, N.A., PNC Bank N.A., and Fleet National Bank. The new revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. , which will back-stop PEFCO's commercial paper, replaces an existing $550 million, five-year credit agreement which was due to terminate in December 2002. PEFCO also announced today that it has taken a $1.3 million charge against earnings in the current 2002 fiscal year relating to the under-amortization during the years 1998 to 2001 of premium at the time of purchase of certain investment securities. Standard & Poor's, a division of The McGraw-Hill Companies, Inc., and Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , Inc. have indicated to PEFCO that they will continue to rate PEFCO's senior secured notes as AAA and Aaa, respectively, and PEFCO's commercial paper as A-1+ and P-1, respectively. About PEFCO PEFCO, a Delaware corporation, is principally engaged in making U.S. dollar loans to foreign importers to finance purchases of goods and services of United States manufacture or origin. PEFCO's shareowners consist of commercial banks, including most of the major United States banks involved in export financing, industrial companies involved in exporting U.S. products and services and financial services companies. |
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