Vale S.A.’s $1.291 Billion Liability Management Transaction

Cleary Gottlieb represented Vale S.A. in the transaction.

Vale S.A. announced abbreviated five-day cash tender offers targeting 6 series of outstanding notes denominated in U.S. dollars.

The cash tender offers were made by Vale and its subsidiaries Vale Canada Limited and Vale Overseas Limited. The purchase price for each series of notes was based on a fixed-spread over benchmark security yields. The tender offers launched on June 3, 2022, expired on June 9, 2022, and settled on June 14, 2022. Vale accepted all notes tendered in the tender offer, and paid a total of $1.427 billion.

Vale is the largest producer of iron ore and nickel in the world. Vale also produces manganese, ferroalloys, copper, bauxite, potash, kaolin, and cobalt, currently operating nine hydroelectricity plants, and a large network of railroads, ships, and ports used to transport its products.

The Cleary team consisted of partner Juan Giráldez (Picture), counsel Jonathan Mendes, and associate Silvia Fittipaldi. Counsel Matthew Brigham and associate Sheridan DuPont provided tax advice. All lawyers are based in São Paulo except Matthew Brigham and Sheridan DuPont who are based in New York.

Involved fees earner: Matthew Brigham – Cleary Gottlieb Steen & Hamilton; Virginia DuPont – Cleary Gottlieb Steen & Hamilton; Silvia Fittipaldi – Cleary Gottlieb Steen & Hamilton; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Jonathan Mendes de Oliveira – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Vale S.A.;