Produced each year since 1996, the ANNUAL REVIEW OF INTERNATIONAL BANKING LAW & PRACTICE is the world's only annual survey of court cases regarding commercial letters of credit
, standby letters of credit, and independent guarantees, plus the year's significant articles, practice reports, and government actions impacting these instruments.
The new senior credit facility, which replaces its prior senior credit facility, will be used to issue standby and commercial letters of credit
and finance the company's ongoing working capital needs.
The credit facility provides for up to $50 million in term loans, a $15 million revolving credit facility, $10 million in commercial letters of credit
and $30 million in standby letters of credit.
The new three-year facility, with a syndicate of financial institutions, is secured primarily by accounts receivable and inventory and will be used to refinance an existing revolving credit facility, issue standby or commercial letters of credit
, and finance ongoing working capital needs.
GBCIB specializes in international banking, including various lending programs as well as operational activities including Commercial Letters of Credit
transactions, documentary collections and international payments.
The International Banking Group will focus on supporting the global business needs of Fifth Third corporate customers, with services including foreign exchange, foreign funds transfer, global treasury management, commercial letters of credit
, and export/import financing.
The initial product roll-out will encompass CyberBankLC and CyberXport, First Union's international web-based products, allowing for full transactional processing of commercial letters of credit
from initiation to advising to transferring.