Brazil's Vale Raises $1 Billion From Overseas Bonds Issue Due 2026
August 03 2016 - 7:57PM
Dow Jones News
By Rogerio Jelmayer
SÃO PAULO--Brazilian mining company Vale SA raised $1 billion
from the issue of an overseas bonds to refinance part of its
existing debt, the company said Wednesday.
The bonds will mature in August 2026 and the company said it
will pay an annual yield of 6.25%
Vale will use the proceeds "to pay part of the redemption price
of the 6.250% notes due 2017."
Banco Bradesco BBI, BB Securities, BNP Paribas Securities Corp,
Citigroup Global Markets, Inc. and Morgan Stanley coordinated the
operation.
In recent weeks, Brazilian players have tapped international
debt markets to take advantage of low interest rates across the
globe.
At the end of July, Brazil's government sold $1.5 billion in
dollar-denominated bonds due in 2047, carrying an annual yield of
5.875%. By comparison, in March, it sold $1.5 billion in
dollar-denominated bonds due in 2026, at an annual yield of
6.125%.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
August 03, 2016 19:42 ET (23:42 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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