Brazil's Vale secures $3 bln credit line
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)
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