April 16, 2018 |
Vale said it accepted no more tenders after last month's initial deadline, where bondholders offered up $1.1bn of the firm's outstanding $2.2bn in 4.375% 2022 bonds.
The Brazilian miner accepted to buy back $781m of the $1.1bn tendered and offered noteholders $1,036 for every $1,000 exchanged in principal.
Citi, JPMorgan, Mizuho and SMBC were joint dealer managers on the liability management exercise. Cleary Gottlieb said in an emailed statement that it was legal advisor to Vale.
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Brazilian miner accepts $781m from the $1.1bn bondholders tendered in 4.375% bonds