Vale to pay additional interest to holders of mandatorily convertibles

By Susanna Moon

Chicago, April 15 - Vale SA said it will pay additional interest to holders of the series RIO and RIO P mandatorily convertible notes due June 15, 2010 and to the holders of the series VALE-2012 and VALE.P-2012 mandatorily convertible notes due June 15, 2012 issued by its wholly owned subsidiaries Vale Capital and Vale Capital II, respectively.

The company said it will pay additional interest of R$0.722861 for the series RIO notes and R$0.857938 for the RIO P notes. The amount in dollars will be converted at the Brazilian real/dollar exchange rate on April 30.

The additional interest will be the equivalent of R$1.042411 for the series VALE-2012 notes and R$1.205663 for the series VALE.P-2012 notes.

The notes were scheduled to begin trading ex-dividend on the New York Stock Exchange on Thursday.

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

The issuer is a mining company based in Rio de Janeiro.

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