US$200 Million Commercial Paper Program For COSCO (Cayman) Co. Ltd Closed Today in Beijing BEIJING, Feb. 12 /PRNewswire-AsiaNet/ -- Bank of America, N.A. (NYSE: BAC), today announced the closing of a $200 million direct-pay letter of credit facility, the first of its kind in 2001, to support a U.S. commercial paper program for COSCO (Cayman) Co. Ltd, a wholly-owned subsidiary of China Ocean Shipping (Group) Company (COSCO), China's largest shipping company. BA Asia Limited, the investment-banking arm of Bank of America, N.A. in Asia, is the sole coordinating arranger. The arrangers are Banca Monte dei Paschi di Siena S.p.A., Banca Commerciale Italiana, Shanghai branch, Bank Brussels Lambert S.A., Hong Kong branch, Bank of China, New York branch and Citibank N.A., Beijing branch. Bank of America issued a letter of credit to support the commercial paper program. The direct-pay letter of credit was successfully syndicated with 15 banks joining the facility. They are: Banca Monte dei Paschi di Siena S.p.A., Banca Commerciale Italiana, Shanghai branch, Bank of America, Beijing branch, Bank Brussels Lambert S.A., Hong Kong branch, Bank of China, New York branch, Citibank N.A., Beijing branch, The Chase Manhattan Bank, Banca Nazionale del Lavoro S.p.A., Hong Kong branch, Bank One, NA, The Norinchukin Bank, Oversea-Chinese Banking Corporation Limited, Bank of Communications, New York branch, Comerica Bank, The Development Bank of Singapore Ltd, Beijing branch and Rabobank Hong Kong branch. COSCO will use the proceeds from the commercial paper program to finance its working capital needs. Banc of America Securities LLC, a wholly-owned securities subsidiary of Bank of America Corporation, and Chase Securities Inc., are the commercial paper dealers. Bank One is the issuing and paying agent, and BA Asia Limited is the administrative agent. Founded in 1961 and reporting to the central government of the People's Republic of China, China Ocean Shipping (Group) Company is a large conglomerate with international shipping as its core business. COSCO is now China's largest ocean shipping company, the world's 6th largest container liner operator in terms of TEU capacities, and the world's 3rd largest bulk vessel operator in terms of dead weight in 1999. It has subsidiaries and representative offices in 38 countries and its ships visit more than 1,200 ports in 150 countries annually, offering a global service to customers. COSCO's total operating revenue in 1999 was approximately US$4.3 billion. Bank of America, with $642 billion in assets, is one of the world's leading financial services companies. It has full-service operations in 21 states and the District of Columbia and provides financial products and services to 30 million households and 2 million businesses, as well as international corporate financial services for business transactions in 190 countries. The company's stock (NYSE: BAC) is listed on the New York, Pacific and London stock exchanges, and certain shares are listed on the Tokyo Stock Exchange. SOURCE: Bank of America, N.A. CONTACT: Annie Wong of Bank of America, Beijing, +86-10-65053508, or annie.wong@bankofamerica.com, or Georgie Shields of Bank of America, New York, 212-847-6735, or georgie.shields@bankofamerica.com-END-