Vale sets talk at 5.45% area for dollar tap of 6¼% notes due 2026

By Christine Van Dusen

Atlanta, Feb. 6 – Brazil’s Vale SA set initial talk in the 5.45% area for a benchmark-sized tap of its dollar-denominated issue of 6¼% notes due Aug. 10, 2026 (Ba3/BBB-/BBB), a market source said.

BB Securities, Bradesco BBI, JPMorgan, MUFG and Santander are the bookrunners for the Securities and Exchange Commission-registered deal.

The proceeds will be used to refinance the company’s 4 3/8% euro-denominated notes due 2018, and for general corporate purposes.

The notes will include a make-whole call.

Vale originally sold $1 billion of the 6¼% notes on Aug. 3, 2016 at par.

Vale is a Rio de Janeiro-based producer of iron ore and nickel.

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