Good news for the Feedmill. I think it still trades as a separated ADR but maybe CPPKY has some small stake in all this. I'll bet a flow chart of CP Group Entities would look like one of those old, computer programming flowcharts.
Bank of America to Provide Trade Financing to Thai Importer of U.S. Agricultural Products
biz.yahoo.com
Thursday October 28, 12:55 pm Eastern Time
Company Press Release
Bank of America to Provide Trade Financing to Thai Importer of U.S. Agricultural Products
CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 28, 1999--Bank of America N.A., a subsidiary of Bank of America Corporation, has announced that it will lend $30 million to Charoen Pokphand Feedmill Pcl. (CPF) in short-term financing supported by insurance from the Export-Import Bank of the United States.
CPF is a major feedmill producer and distributor in Thailand, operating under the largest conglomerate in the Thai agriculture industry, Charoen Pokphand Group (CP). They import a large volume of raw materials such as soybeans and corn gluten meal from U.S. exporters. The company sought a commitment of short-term financing at reasonable pricing, which had been scarce following the July 1997 devaluation of the Thai baht currency.
Bank of America will seek U.S. Eximbank insurance for a portion of its credit exposure to permit a competitive financing rate for the clients. The bank was the only competitor to offer this financing solution. The deal was structured by the Structured Trade Finance Group, part of Bank of America N.A., that structures risk-mitigated cross-border transactions to support our clients, both buyers and suppliers worldwide.
``We are pleased we were able to structure this credit facility for CPF due to our understanding of the client's needs and good relationship with Ex-Im Bank. This financing scheme is important in promoting export of US products, while at the same time it is an attractive source of financing for the importers,' said Frederick Chin, Bank of America's Thailand country manager. ``Bank of America is in an excellent position because of its global presence, international trade expertise and long-standing relationships with various export credit agencies to develop these types of financing solutions.'
Bank of America, with $621 billion in total assets, is one of the largest banks in the United States, with full-service operations in 21 states and the District of Columbia. Headquartered in Charlotte, North Carolina, Bank of America provides financial products and services to businesses in 190 countries around the world, including more than 80 percent of Global Fortune 500 and 80 percent of Fortune 1000 companies. Bank of America Corporation (NYSE: BAC - news) stock is listed on the New York, Pacific, London and Tokyo stock exchanges.
Contact:
Bank of America
Susan Stanley, 415/622-4449 |
