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Ottawa, March 16, 1995 Renegotiation of Standby Credit FacilitySecretary of State for Finance Doug Peters, on behalf of the Minister of Finance, today announced that Canada is renegotiating its existing U.S. $4.0 billion standby credit facility with foreign banks. The facility is used to assist in the management of Canada's foreign exchange reserves. The existing standby credit agreement has been in place since June 23, 1978 and was last amended on December 23, 1993. The facility has not been used since 1986. The new U.S. $6.0 billion, 5-year facility will be syndicated globally by Citibank. The undrawn cost will be 4.0 basis points. If utilized, advances would be available at a spread over London Interbank Offered Rate (LIBOR) of 4.0 basis points. Closing is expected to occur in early May after the general syndication. ______________________ Jon Cockerline |
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