Vale to pay additional interest to holders of convertibles due 2012

By Marisa Wong

Madison, Wis., Oct. 15 - Vale SA said it will pay additional interest to holders of its mandatorily convertible notes due June 15, 2012, series VALE and VALE.P, issued by its wholly owned subsidiary, Vale Capital II.

The additional interest paid per series VALE note and per series VALE.P note will equal an amount in dollars equivalent to R$1.381517 and R$1.597876, respectively. The amount will be converted at the real/dollar exchange rate on Oct. 29.

The notes begin trading ex-dividend on the New York Stock Exchange on Friday.

The additional interest was triggered by the approval by the board of directors of a dividend distribution to shareholders.

Vale is a mining company based in Rio de Janeiro.

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