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Brazil’s Vale holds one-month tender for $1 billion of five issues
By Susanna Moon
Chicago, Nov. 9 – Vale SA and wholly owned subsidiary Vale Overseas Ltd. are tendering for up to a maximum of $1 billion of five series of notes, according to a 6-K filing with the Securities and Exchange Commission.
The total purchase price for each $1,000 principal amount will be as follows, with the notes listed in order of priority acceptance levels:
• Vale Overseas' $1,469,049,000 of 4 3/8% guaranteed notes due 2022 with a total purchase price of $1,024 and sub-cap of $400 million;
• Vale Overseas' $2,409,315,000 6 7/8% guaranteed notes due 2036 with a total purchase price of $1,148.75;
• Vale Overseas' $1,594,805,000 6 7/8% guaranteed notes due 2039 with a total purchase price of $1,160;
• Vale Overseas' $2 billion 6¼% guaranteed notes due 2026 with a total purchase price of $1,093.75; and
• Vale's $520,405,000 5 5/8% notes due 2042 with a total purchase price of $1,008.75.
The total amount includes an early tender premium of $30.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on Nov. 26.
Holders also will receive accrued interest to but excluding the settlement date.
The tender offer will end at 11:59 p.m. ET on Dec. 10, with settlement occurring on Nov. 29 for early tenders and Dec. 13 for any remaining tenders.
Tenders may be withdrawn before the early deadline.
BB Securities Ltd. (+44 20 7367 5803 or bbsettlements@bb.com.br), BofA Merrill Lynch (646 855-8988 or 888 292-0070), Banco Bradesco BBI SA (212 888-9145), Credit Agricole Securities (USA) Inc. (212 261‑7802 or 866 807-6030) and HSBC Securities (USA) Inc. (212 525-5552 or 888 HSBC-4LM) are the dealer managers. D.F. King & Co., Inc. (212 269-5550, 888 628-8208, vale@dfking.com or dfking.com/vale) is the tender and information agent.
Vale is a Rio de Janeiro-based metals and mining company.
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