Vale Loan Pricing Said to be Tight

Vale Loan Pricing Said to be Tight

Loans

Vale’s $3bn syndicated loan is offering a spread of 65bp over Libor, with fees of 15bp for utilization of up to 66% and 30bp for utilization above this, according to bankers with knowledge of the transaction. The loan is heard to be structured as a new 5-year revolver, for working capital purposes. Credit Agricole, JPMorgan, Mizuho and Natixis are joint leads on the deal. While market participants say the pricing is in line with loans for other international competitors, they say it is extremely

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