Vale launches bond issue to raise $944m for general funds

Brazilian iron mining major Vale will launch a €750 million ($944 million) offering of 10.5-year bonds in Luxembourg to raise money for general corporate purposes.

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The bonds, which will be listed with the Luxembourg Stock Exchange and traded on the euro MTF market, will have a 3.75% annual yield, Vale said late on Tuesday July 3.

The notes will mature on January 10, 2023, added the company.

BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC Bank and Natixis acted as book-running underwriters, while Mizuho Securities, Mitsubishi UFJ Securities, SMBC Nikko, CIBC and Scotiabank acted as co-managers.