Brazil's Vale Overseas launches dollar-denominated benchmark offering

By Christine Van Dusen and Paul A. Harris

Atlanta, Nov. 3 - Vale Overseas Ltd. launched a $1 billion benchmark issue of guaranteed senior unsecured notes (Baa2/BBB+/BBB) due Nov. 10, 2039 at a spread of 25 bps to Treasuries, according to a market source.

The bookrunners for the Securities and Exchange Commission-registered deal are Deutsche Bank, HSBC and JP Morgan.

The notes will have a make-whole call, and proceeds will be used for general corporate purposes.

Vale Overseas is part of Vale SA, formerly known as Companhia Vale do Rio Doce, a mining company based in Rio de Janeiro.

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