Brazil’s Vale to use cash to buy back bonds
Brazilian mining giant Vale is looking to make the most of a better than expected cash position to redeem its 5.625% 2019s and buy back 4.625% 2020s through a tender offer.
Standard and Poor’s granted Ba2/BBB-/BBB rated Vale a positive outlook in April thanks to “favourable debt reduction prospects”, and this week the Rio de Janeiro-headquartered company launched its latest bond buyback.“They are using cash on hand to fund this as part of their continued efforts ...
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