New Issue: Brazil’s Vale Overseas sells $1.5 billion 3¾% 10-year notes at 99.176

By Marisa Wong

Los Angeles, July 7 – Vale Overseas Ltd. priced $1.5 billion of 3¾% 10-year notes (Ba1/BBB-/BBB-/BBB) guaranteed by parent company Vale SA at 99.176 to yield 3.85%, according to an FWP filing with the Securities and Exchange Commission.

The notes were priced with a spread of 317.1 basis points over Treasuries.

BB Securities Ltd., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, MUFG and SMBC Nikko Securities America, Inc. are the joint bookrunners.

Vale said it intends to use the proceeds for general corporate purposes.

Issuer:	Vale Overseas Ltd.
Guarantor:	Vale SA
Issue:	Notes
Amount:	$1.5 billion
Maturity:	July 8, 2030
Bookrunners:	BB Securities Ltd., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, MUFG and SMBC Nikko Securities America, Inc.
Coupon:	3¾%
Price:	99.176
Yield:	3.85%
Spread:	317.1 bps
Call option:	Make-whole call at Treasuries plus 50 bps at any time prior to April 8, 2030; par call on or after April 8, 2030
Pricing date:	July 6
Settlement date:	July 8
Ratings:	Moody’s: Ba1
	S&P: BBB-
	Fitch: BBB-
	DBRS: BBB
Listing:	NYSE
Distribution:	SEC registered

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