Vale Rolls Out Revolver

Vale Rolls Out Revolver

Brazil Loans

Brazil’s Vale is preparing a $2.0bn 5-year revolving credit facility, say market sources, targeting a launch next week. The facility pays Libor+55bp, plus a utilization grid. Leads BNP and Credit Agricole are contacting banks for the MLA tier, offering fees expected at 40bp. The facility pays 17.5bp undrawn. The miner issued an RFP in May. The deal is heard being done as a best efforts transaction – in which underwriters aren’t responsible for any unsold portions of the loan – rather than a full

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