Juan Giraldez

Cleary Gottlieb counsel to Vale on $1.291 billion liability management

Cleary Gottlieb Steen & Hamilton represented Vale on abbreviated five-day cash tender offers targeting 6 series of outstanding notes denominated in U.S. dollars.

The cash tender offers were made by Vale and its subsidiaries Vale Canada Limited and Vale Overseas Limited. The purchase price for each series of notes was based on a fixed-spread over benchmark security yields. The tender offers launched on June 3, 2022, expired on June 9, 2022, and settled on June 14, 2022. Vale accepted all notes tendered in the tender offer, and paid a total of $1.427 billion.

Cleary Gottlieb has represented Vale for many years in significant SEC reporting, M&A, corporate governance, financing, litigation, and arbitration matters.

The Cleary team consisted of partner Juan Giráldez (pictured) counsel Jonathan Mendes, and associate Silvia Fittipaldi. Counsel Matthew Brigham and associate Sheridan DuPont provided tax advice. All lawyers are based in São Paulo except Matthew Brigham and Sheridan DuPont who are based in New York.