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Prospect News home > News index > List of issuers V > Headlines for Vale SA > News item
Published on 9/14/2017 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Brazil’s Vale collects early tenders for $489.39 million 4 5/8% notes

By Susanna Moon

Chicago, Sept. 14 – Brazil-based Vale SA’s wholly owned subsidiary, Vale Overseas Ltd., obtained tenders for $489,385,000 of its 4 5/8% guaranteed notes due 2020 as of the early deadline at 5 p.m. ET on Sept. 13.

Vale Overseas will pay $522,418,487.50 excluding accrued interest to purchase notes tendered before the early deadline with settlement set for Sept. 18, according to a 6-K filing with the Securities and Exchange Commission.

As announced Aug. 28, the issuer is tendering for up to $750 million principal amount of the notes until 11:59 p.m. ET on Sept. 27.

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.

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.

In other news, Vale previously 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.

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


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