Published on 8/4/2016 in the Prospect News Emerging Markets Daily.
New Issue: Brazil’s Vale prices $1 billion 6¼% notes due 2026 at par
By Christine Van Dusen
Atlanta, Aug. 4 – Brazil’s Vale Overseas Ltd. priced $1 billion 10-year notes (expected ratings: Ba3/BBB-/BBB) at par to yield 6¼%, or Treasuries plus 470.3 basis points, according to a company filing.
Banco Bradesco BBI, BB Securities, BNP Paribas, Citigroup and Morgan Stanley were the joint bookrunners for the Securities and Exchange Commission-registered deal.
The proceeds will be used to pay part of the redemption price of the 6¼% notes due January 2017 issued by Vale Overseas.
Vale is a Rio de Janeiro-based producer of iron ore and nickel.
| Issuer: | Vale Overseas Ltd.
|
| Amount: | $1 billion
|
| Maturity: | Aug. 10, 2026
|
| Description: | Notes
|
| Bookrunners: | Banco Bradesco BBI, BB Securities, BNP Paribas, Citigroup, Morgan Stanley
|
| Co-managers: | CIBC World Markets, Credit Agricole Securities, Mizuho Securities, MUFG Securities, Natixis Securities, SG Americas Securities, SMBC Nikko Securities
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | Treasuries plus 470.3 bps
|
| Call options: | Make-whole call at 50 bps
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 10
|
| Expected ratings: | Moody's: Ba3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
