(Corrects to say $400 million, not $400 billion, in headline)
SAO PAULO, Nov 19 (Reuters) - Brazil’s Vale SA , the world’s largest iron ore producer, plans to raise 1.5 billion reais ($400 million) through the sale of seven-year notes to state-controlled Banco do Brasil SA .
In a securities filing on Wednesday, Rio de Janeiro-based Vale said the plan will help finance exports and beef up the company’s working capital position. Under terms of the financing plan, Vale agreed to pay interest on the notes equivalent to 110 percent of Brazil’s benchmark CDI interbank lending rate.
The annual CDI is currently at 14.14 percent. (Reporting by Guillermo Parra-Bernal and Gustavo Bonato)