Vale to redeem euro notes as iron ore soars

Brazil, iron ore, Vale, iron, steel, ferro, LatAm, 575
By Oliver West
01 Mar 2021

Brazilian mining giant Vale said on Friday that it plans to prepay its €750m January 2023s as record iron ore prices allowed it to build cash levels greater than its gross debt.

As part of what Vale calls its “strategy of discipline in capital allocation”, on March 29 the Baa3/BBB-/BBB rated issuer will redeem all of its 3.75% January 2023 euro bond. The announcement came as iron ore hit a new 10-year high, up to $175 per ton, continuing ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial