London, 19 December 2007 - JPMorgan Treasury Services today announced it has provided medium-term export financing in support of a sale by Nortel, the Canadian telecommunications equipment manufacturer, to CJSC Telesystems of Ukraine.
The financing, which is in support of a telecommunications build-out project in Ukraine, is being provided through PrivatBank in Ukraine. The transaction is guaranteed by Export Development Canada (EDC), and is the first transaction for which JPMorgan arranged financing under the EDC Bank Guarantee Program.
Jeremy Shaw, head of JPMorgan Trade Services in EMEA, said: "Although highly complex and dependent on the teamwork of many parties, the deal was completed in a relatively short time, and much of this success was due to JPMorgan's ability to understand the clients' objectives, preferences and constraints, as well as those of EDC, and to demonstrate deep knowledge of the region and the marketplace. We were happy to have the opportunity to arrange financing in this exciting emerging economy in Eastern Europe, and look forward to a fruitful partnership with Nortel and EDC."
Eric Siegel, President and Chief Executive Officer of EDC said: "Ukraine presents rich opportunities for Canadian exporters and investors in many different industry sectors. As Canadian companies in the highly sophisticated telecom business compete world-wide, EDC will be a partner in paving the way for greater success."
Simon Freemantle, Director, Global Treasury Operations at Nortel, said: "We are very pleased to work with JPMorgan on this important transaction in the Ukrainian market, which is a growing market for Nortel."
Ludmila Shmalchenko, Deputy Chairman of the Board at PrivatBank, said: "By working with JPMorgan we were able to offer our client, CJSC Telesystems, the most competitive and complete solution to facilitate this transaction."
About JPMorgan Chase Treasury Services
The Treasury Services (www.jpmorganchase.com/ts) business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and operations in 36 countries, JPMorgan Chase Treasury Services is one of the world's largest providers of treasury management services.
About JPMorgan Chase & Co.
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