Vale to Repay Outstanding Balance on $5 Billion Credit Line
September 14 2020 - 10:33AM
Dow Jones News
By Jeffrey T. Lewis
SAO PAULO--Brazilian iron-mining giant Vale SA said Monday it
will repay the outstanding balance of a $5 billion credit it took
from a revolving credit line in March, at the start of the
country's coronavirus pandemic.
The company said in March that it would be prudent to take
advantage of its strong balance sheet and take the cash amid the
increased risks to its business presented by the health crisis.
The company got the money from two credit lines, one for $2
billion maturing in June, 2022 and one for $3 billion maturing in
December of 2024, Vale said in its statement.
The pandemic had an impact on Vale's operations, reducing output
of iron ore by about 3.5 million metric tons in the second quarter,
out of total production of 67.5 million tons in the period.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
September 14, 2020 10:18 ET (14:18 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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