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Vale tenders for $750 million 4 5/8% notes, calls 5 5/8% notes
By Susanna Moon
Chicago, Aug. 28 – Brazil-based Vale SA’s wholly owned subsidiary, Vale Overseas Ltd., is tendering for up to $750 million principal amount of its 4 5/8% guaranteed notes due 2020 until 11:59 p.m. ET on Sept. 27.
Vale also exercised the make-whole call option on its $1 billion of 5 5/8% guaranteed notes due 2019 with the redemption date set for Sept. 28, according to a 6-K filing with the Securities and Exchange Commission.
In the tender, the total purchase price will be $1,067.50 per $1,000 principal amount of 2020 notes tendered by the early tender deadline of 5 p.m. ET on Sept. 13.
The total payment includes an early tender premium of $30.00 per $1,000 principal amount.
Holders who tender after the deadline will receive the base purchase price of $1,037.50 per $1,000.
Holders will also receive accrued interest to but excluding the settlement date, which is expected to be Sept. 18 for early tendered notes.
Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745), Credit Agricole Securities (USA) Inc. (212 261-7802 or 866 807-6030), RBC Capital Markets, LLC (212 618-7822 or 877 381-2099) and Scotia Capital (USA) Inc. (212 225-5559 or 800 372-3930) are the dealer managers. Global Bondholder Services Corp. (212 430-3774, 866 470-3900 or gbsc-usa.com/Vale/) is the depositary and information agent.
Vale is a Rio de Janeiro-based producer of iron ore and nickel.
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