Vale Revolver Oversubscribed

Vale Revolver Oversubscribed

Brazil Loans

Commitments were due Monday for Vale’s $2bn 5-year revolving credit facility, which is oversubscribed and expected to close next week, say market sources. The facility pays Libor+55bp, plus a utilization grid. The usage fee is 15bp if more than 33% is used, and 30bp if more than 66% is used. The facility pays 17.5bp undrawn. The miner issued an RFP in May. BNP and Credit Agricole are bookrunners. Vale’s last visit to the loan market was in April 2011, closing a $3bn 5-year revolver from more tha

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