New Issue: Brazil's Vale Overseas sells €750 million add-on to 3¾% notes due 2023

By Aleesia Forni and Christine Van Dusen

Atlanta, July 3 - Brazil's Vale Overseas Ltd. priced a €750 million add-on to its existing 3¾% notes due Jan. 10, 2023 (Baa2/A-/BBB+) at 99.608 to yield 3.798%, or mid-swaps plus 180 basis points, a market source said.

BNP Paribas, Credit Agricole, HSBC and Natixis were the bookrunners for the Securities and Exchange Commission-registered deal.

Proceeds will be used for general corporate purposes.

Vale Overseas is wholly owned by Vale SA, a Rio de Janeiro-based mining and logistics corporation.

Issuer:	Vale Overseas Ltd.
Amount:	€750 million
Maturity:	Jan. 10, 2023
Description:	Notes
Bookrunners:	BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC Bank plc, Natixis
Co-Managers:	CIBC World Markets Corp., Mitsubishi UFJ Securities International plc, Mizuho International plc, Scotiabank Europe plc, SMBC Nikko Capital Markets Ltd.
Coupon:	3¾%
Price:	99.608
Yield:	3.798%
Spread:	Mid-swaps plus 180 bps
Call:	Make-whole call at DBR plus 45 bps
Trade date:	July 3
Settlement date:	July 10
Ratings:	Moody's: Baa2
	Standard & Poor's: A-
	Fitch: BBB+
Distribution:	Securities and Exchange Commission registered

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