Brazil's Vale secures $3 bln credit line

viernes 15 de mayo de 2015 16:38 GYT

RIO DE JANEIRO May 15 (Reuters) - Brazilian miner Vale said on Friday it secured a $3 billion revolving credit facility for a term of five years.

The credit line, which was signed with a group of 24 global banks, replaces a previous facility for the same amount secured in 2011.

Vale said in the statement it also has another credit facility for an additional $2 billion. The company has seen its free cash flow eroded by the falling price of iron ore.

(Reporting by Stephen Eisenhammer; Editing by Meredith Mazzilli)