Vale redeems $1 billion in debt; launches $750 million tender offer

Tuesday, 29 August 2017 23:50:18 (GMT+3)   |   Sao Paulo
       

Brazilian miner and iron ore producer Vale said this week it has redeemed $1 billion worth of notes due in 2019, at the same time it launched a $750 million tender offer for its 4.6 percent guaranteed notes due in 2020.

Vale said it has notified the bondholders of the 2019 notes the company will redeem all of the outstanding bonds. It will pay the related “make-whole” premium in accordance with the terms of the indenture governing the 2019 notes.

The company said deadline for redeeming the notes will be September 28, 2017, while the new tender offer expires on September 27, 2017.

“The tender offer for the 2020 notes is made upon the terms and is subject to the conditions set forth in the offer to purchase dated August 28, 2017. The tender offer is not contingent upon the tender of any minimum principal amount of 2020 notes, but Vale Overseas will only purchase up to a maximum principal amount of $750 million of the 2020 notes,” the company said.


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