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Vale holders tender $11.84 million more 4 5/8% notes in offer
By Susanna Moon
Chicago, Sept. 29 – Brazil-based Vale SA said holders had tendered another $11.84 million of 4 5/8% guaranteed notes due 2020 issued by wholly owned subsidiary Vale Overseas Ltd. since the early deadline of 5 p.m. ET on Sept. 13.
In other news, Vale also redeemed the $1 billion of outstanding 5 5/8% guaranteed notes due 2019 issued by wholly owned subsidiary Vale Overseas at par plus a make-whole premium.
As announced Aug. 28, the issuer was tendering for up to $750 million principal amount of the 4 5/8% notes until 11:59 p.m. ET on Sept. 27.
Holders had tendered $489,385,000 of the 4 5/8% notes as of the early deadline.
The latest update brings the total amount of tenders accepted to $501,225,000, according to a company announcement.
For notes tendered after the early deadline, the purchase price will be $1,037.50 per $1,000.00 principal amount plus accrued interest to but excluding the settlement date of Sept. 29.
The total purchase price was $1,067.50 per $1,000 principal amount of 2020 notes tendered by the early tender deadline, which included an early tender premium of $30.00 per $1,000 principal amount.
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.
Vale is a Rio de Janeiro-based producer of iron ore and nickel.
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