CVRD and BHP in $120bn clash of mining loans

The investment grade syndicated loan market is facing the prospect of two jumbo mining facilities being syndicated at the same time, after Brazilian group Vale mandated banks to arrange a facility of about $50bn to support any bid it makes for Anglo-Swiss rival Xstrata.

  • 01 Feb 2008

A bid by Vale (formerly CVRD) would follow Anglo-Australian mining group BHP Billiton’s attempts to acquire rival Rio Tinto. BHP Billiton has arranged a loan thought to be $70bn for any formal bid it makes.

EuroWeek understands that seven banks — BNP Paribas, Citigroup, Credit Suisse, HSBC, Lehman Brothers, ...

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