Banks look for other lenders for Vale loan

Banks look for other lenders for Vale loan

Loans Debt Corporate & Sovereign Strategy Brazil

Four banks are looking for other lenders to join a $3 billion syndicated loan for the Brazilian mining company Vale, according to sources close to the deal.The joint bookrunners – Citi, Crédit Agricole, MUFG and SMBC – held a meeting with other banks on Thursday and offered the five-year facility at 90 basis points over Libor. They expect to wrap up the deal by the end of the year, one source said.Crédit Agricole is also the administrative agent on the loan, the source added.Vale began contactin

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