Vale SA plans to sell 65.7 million convertible notes
- Publishing Date
- 07 Jul 2009 11:39am GMT
- Author
- Mining Journal
Vale SA, the world's biggest iron-ore producer, said it plans to offer 65.7 million convertible notes split into two series due 2012 on global capital markets for general corporate purposes.
The notes, to be issued by Vale subsidiary Vale Capital II, will be convertible in 2012 or earlier into American Depositary Shares, each representing one common share of Vale, or ADS representing one preferred Class A share of Vale, the Rio de Janeiro-based company said in a regulatory filing.
The sale comprises 18.42 million common shares and 47.28 million preferred shares, currently held by Vale and whose sale will be fully guaranteed by the company, the company said.
Citigroup Inc and JP Morgan Chase & Co are managing the transaction, Vale said.
The statement was released after the close of regular trading in Sao Paulo. Vale’s preferred stock fell BR0.54, or 1.8% today in Sao Paulo to BR29.38. The stock has gained 12% this year, less than a 26% increase for Brazil’s Bovespa index of traded companies.
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