World’s Largest Iron Ore Miner in Convertible Bond Offering
July 13, 2009
Cleary Gottlieb represented Vale S.A., the world’s largest iron ore miner, in its $940 million mandatorily convertible bond offering. The offering comprised two series: $290 million of 6.75% Guaranteed Notes due 2012 (Series VALE-2012) and $650 million of 6.75% Guaranteed Notes due 2012 (Series VALE.P-2012). On the maturity date, the series will convert into ADSs representing common Vale shares and preferred class A Vale shares. The deal closed on July 13.
The offering was SEC-registered, using an automatic shelf registration statement filed the morning the deal was launched.