Brazil's Vale set IPTs of very low 6% on new bond
By Paul Kilby
NEW YORK, June 7 (IFR) - Brazilian miner Vale announced initial price thoughts of very low 6% on a new five-year bond ahead of pricing on Tuesday.
The senior unsecured notes are expected to be rated Ba3/BBB-/BBB, with a negative outlook from all three major rating agencies.
BB Securities, Bank of America Merrill Lynch, Bradesco, HSBC and Santander are acting as joint bookrunners.
Proceeds will be used for general corporate purposes, including the repayment of debt. (Reporting by Paul Kilby; Editing by Marc Carnegie)
© Thomson Reuters 2016 All rights reserved.