NEW YORK -- Canadian Imperial Bank of Commerce announced a $250-million, extendable, line-of-credit agreement for the Port of Long Beach, Calif., with participation from the California State Teachers Retirement System.
The Canadian bank said it was the first syndicated municipal transaction in which a California public-sector pension fund has been involved.
The $45 billion-asset retirement system, known as CalSTRS, is accounting for $25 million of the line. Canadian Imperial is the sole agent and arranger of the credit, with Industrial Bank of Japan, Banque Nationale de Paris, and National Westminster Bank participating.
The facility will support the Port of Long Beach's first commercial paper program, which will finance improvements in its rail and road infrastructure, as well as cargo handling and storage capabilities.
Standard & Poor's Corp. recently gave the credit enhancement an A1-plus rating, and Moody's Investors Service rated it P-1.