Vale determines additional interest on mandatorily convertible notes

By Marisa Wong

Madison, Wis., May 2 - Vale SA announced that it will pay additional interest on its mandatorily convertible notes due June 15, 2012, series VALE-2012 and VALE.P-2012, equal to $0.985344 and $1.139659 per note, respectively.

As previously reported, the additional interest amounts are equal to R$1.627851 per VALE-2012 note and R$1.882788 per VALE.P-2012 note. The amount in dollars was determined at the Brazilian real/dollar exchange rate on April 29.

Noteholders will be paid on May 6.

The Bank of New York is the trustee for the convertible notes.

Vale is a mining company based in Rio de Janeiro.

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