NEW YORK, July 29, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Vale S.A.
(NYSE: VALE). Select highlights from the internally released
reports are being made available to the general public (included
below), with access to the entirety of the research available to
new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=VALE
Highlights from our VALE Report include:
- Signing of Memorandum - In a press release dated
May 19, 2015, Vale S.A reported that
it has signed a memorandum of understanding with Industrial and
Commercial Bank of China (ICBC)
for cooperation on global financing arrangements, which would
reinforce the ties between the two parties. In addition, Vale
signed two three-party Memorandums of Understanding for potential
financing and loan facilities with the Export-Import Bank of
China (China EXIM Bank) and two
leading Chinese shipping companies, under the witness of Brazilian
President Dilma Rousseff and Chinese
Premier Li Keqiang.
- Memorandum with ICBC - According to the terms within the
MoU, ICBC, one of China's largest
commercial banks, would be able to provide up to $4 billion for Vale in the form of syndicated
loans, bilateral loans, export credit, trade finance, among other
potential financing arrangements and services. The financial
cooperation memorandum is meant to facilitate the export of Chinese
equipments and provision of packaged financial services to the
company.
- Memorandum with EXIM Bank and Chinese Shipping Companies
- The Company informed that MoUs between Vale, the China EXIM Bank
and China Ocean Shipping Company (Cosco), as well as China EXIM
Bank, China Merchants Group and Vale were signed as part of Premier
Li Keqiang's official visit program in Brazil. As per each Memorandum, the China EXIM
Bank will consider providing a loan facility of up to $1.2 billion to both Cosco and China Merchants,
respectively, to facilitate the two shipping companies' provision
of iron ore shipping services to Vale.
- Memorandum with Korea Eximbank - On April 24, Vale signed a memorandum of
understanding with the Export-Import Bank of Korea, focusing at
cooperation between the two companies. Under the agreement, Korea
Eximbank indicated its intention to consider the provision of up to
$2 billion in financial support for
Vale's projects. Further, the Company informed that the MoU was
signed by Vale's CEO, Murilo
Ferreira, and the chairman and president of Korea Eximbank,
Lee Duk-Hoon, during an official
ceremony attended by Brazilian president Dilma Rousseff and the
president of South Korea, Park
Geun-hye.
To find out how this influences our rating on Vale S.A. read the
full report in its entirety here:
http://www.aciassociation.com/?c=VALE
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