Brazil's Vale Confirms Plans To issue Overseas Bonds

Date : 07/03/2012 @ 6:59AM
Source : Dow Jones News
Stock : Vale S.A. American Depositary Shares Each Representing One Common Share (VALE)
Quote : 9.41  0.0 (0.00%) @ 4:00AM

Brazil's Vale Confirms Plans To issue Overseas Bonds

Vale (NYSE:VALE)
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SAO PAULO--Brazilian mining company Vale SA (VALE) confirmed Tuesday its plans to issue euro-denominated overseas bonds.

The company said it will use the proceeds for corporate general proposes. It didn't unveil the amount to be raised from the operation.

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

Vale is planning a benchmark-size, euro-denominated bond, maturing January 2023, one of the banks running the deal said. Initial price thoughts are in the area of 185 basis points over midswaps.

--Write to Rogerio Jelmayer at rogerio.jelmayer@dowjones.com

  Ben Edwards contributed for this article 
 

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