Size Matters

Size Matters


Brazilian iron ore monolith CVRD asked banks for $18 billion to buy Canada's Inco and was swamped with commitments. This standing ovation for the biggest ever bridge financing from a company based in the emerging markets is a staggering affirmation of not just CVRD, but Latin America too. Lenders, some that had never before set foot in the region, tripped over themselves to be a part of the landmark transaction. Many of them had to see beyond the speculative zip code to revenues largely derived outside the region in order to satisfy credit committees, while others looked forward to hefty payback from a wealth of bond and equity takeouts. Meanwhile, CVRD extends a regional M&A wave in which

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