Brazil's Vale plans debt sale to expand Carajas railway

miércoles 5 de agosto de 2015 18:55 GYT

SAO PAULO Aug 5 (Reuters) - The board of Vale SA , the world's largest iron ore producer, on Wednesday approved plans to raise 1 billion reais ($287 million) from the sale of debt notes to expand the railway system at the Carajas ore mine.

Vale plans to file Thursday a request before securities industry watchdog CVM to approve the sale of the so-called infrastructure notes in two portions, according to a securities filing. The notes will have maturities of five and seven years and could be increased by 350 million reais pending certain conditions, the filing said. (Reporting by Guillermo Parra-Bernal and Reese Ewing)