CVRD to sell 10-year bonds

CVRD to sell 10-year bonds

Comphania Vale do Rio Doce (CVRD) intends to sell 10-year foreign currency bonds through its subsidiary, Vale Overseas Limited (Vale Overseas). The proceeds will be used to fund corporate operations and as payment for the repurchase of nearly $300 million of outstanding debt. CVRD confirmed, in an email statement, that it would reclaim any or all of its 9 percent guaranteed notes, due 2013. This repurchase offer expires January 10, 2006. No statement was given indicating the amount of 10-year bonds CVRD plans to sell through Vale Overseas. JP Morgan Chase & Co. has been appointed to manage the sale.