By Aleesia Forni
Columbus, Ohio, March 28 - Vale Overseas Ltd. priced a $1.25 billion add-on to its 4 3/8% notes (Baa2/A-/BBB+) due Jan. 11, 2022 with a spread of 200 basis points over U.S. Treasuries, according to a company news release.
The notes priced at 101.345 to yield 4.205%.
The company originally issued $1 billion of the notes in January at Treasuries plus 255 bps.
The notes have a make-whole call.
Proceeds will be used for general corporate purposes.
The notes will be guaranteed by parent company Vale SA, a Rio de Janeiro-based mining and logistics corporation.
Barclays Capital Inc., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. acted as joint lead managers and joint bookrunners.
| Issuer: | Vale Overseas Ltd.
|
| Guarantor: | Vale SA
|
| Amount: | $1.25 billion
|
| Maturity: | Jan. 11, 2022
|
| Securities: | Add-on to 4 3/8% notes due 2022
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Coupon: | 4 3/8%
|
| Price: | 101.345
|
| Yield: | 4.205%
|
| Spread: | Treasuries plus 200 bps
|
| Trade date: | March 28
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Original issue: | $1 billion
|
| Total issue size: | $2.25 billion
|
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