VANCOUVER (miningweekly.com) – Brazilian diversified miner Vale, on Wednesday, in a US securities filing, announced that its subsidiary Vale Overseas plans to offer bonds due in August 2026.
The company, which is also the world’s largest iron-ore producer, did not specify how much it planned to raise with the offering, which would be guaranteed by Vale.
Vale stated its intention to use the net proceeds from the offering to pay part of the redemption price of the 6.25% notes due in 2017.
The notes will be unsecured obligations of Vale Overseas and will be fully and unconditionally guaranteed by Vale. The guarantees would rank equally in right of payment with all of Vale’s other unsecured and unsubordinated debt obligations, the company advised.
Banco Bradesco BBI, BB Securities, BNP Paribas Securities, Citigroup Global Markets and Morgan Stanley & Co are acting as joint lead managers and joint bookrunners.