Cleary Gottlieb acted for Vale on liability management transactions
Cleary Gottlieb advised Vale and its subsidiary Vale Overseas in transactions to reduce the company´s debt by $2.24 billion.
Vale is headquartered in Rio de Janeiro and is the largest producer of iron ore and nickel in the world. Its subsidiary Vale Overseas issues debt guaranteed by Vale. Vale is headquartered in Rio de Janeiro and is the largest producer of iron ore and nickel in the world. Its subsidiary Vale Overseas issues debt guaranteed by Vale.
The concurrent liability management transactions included Vale Overseas conducting a redemption of its 4.625 percent guaranteed notes due 2020, to settle on April 17, 2018, and concurrent cash tender offers for $1.75 billion in outstanding notes. The company also repurchased an aggregate principal amount of over $969 million of its 5.875 percent guaranteed notes due 2021 as well as an aggregate principal amount of over $788 million of its 4.375 percent guaranteed notes due 2022.
Partner Nicolas Grabar led the team at Cleary Gottlieb which acted for Vale.
