Long-term cover for Brazil CVRD deal
US Ex-Im Bank has approved a final commitment for a US$53.8mn long-term guarantee supporting the US$62mn export of diesel electric locomotives by General Electric Co, Inc and off-road trucks by Terex Corp and Caterpillar Americas Co to Brazil. The buyer, Companhia Vale do Rio Doce (CVRD), a large producer of iron ore and pellets, will use the trucks to replace older equipment used in hauling iron ore. The guaranteed lender is ABN Amro Bank NV, Chicago. The primary source of repayment is CVRD.
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