Vale Plans 2023 Euro Benchmark Senior Unsecured Bond Issue

Date : 07/03/2012 @ 5:41AM
Source : Dow Jones News
Stock : Vale S.A. American Depositary Shares Each Representing One Common Share (VALE)
Quote : 9.02  -0.11 (-1.20%) @ 4:06PM

Vale Plans 2023 Euro Benchmark Senior Unsecured Bond Issue

Vale (NYSE:VALE)
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   By Ben Edwards 
 

Brazilian mining company Vale SA (VALE) is planning a benchmark-size, euro-denominated, senior, unsecured bond, maturing January 2023, one of the banks running the deal said Tuesday.

Initial price thoughts are in the area of 185 basis points over midswaps.

BNP Paribas SA, Credit Agricole CIB, HSBC Holdings PLC and Natixis are the lead managers of the sale.

The issuer is rated Baa2 by Moody's Investors Service Inc., A- by Standard & Poor's Corp. and BBB+ by Fitch Ratings.

Write to Ben Edwards at ben.edwards@dowjones.com

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