Brazilian miner and iron ore producer Vale said on Thursday it signed a new $3 billion credit agreement that will replace an existing debt.
Vale said 16 global banks, including Citigroup, Crédit Agricole, MUF, Sumitomo Mitsui Banking Corporation, as well as a pool of syndicated banks from North America, Brazil and China, will provide the miner $3 billion under a revolving credit agreement.
The debt will be due in five years, Vale said.
The miner said the $3 billion credit agreement will replace an existing loan of same value, due in 2020, which will be canceled.
Vale said the loan will help it have more liquidity, while also strengthening its cash management efficiency.