Vale in $1.3 Billion Liability Management

Cleary Gottlieb represented Vale S.A. (Vale) in abbreviated five-day cash tender offers targeting six 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 offers, and paid a total of $1.43 billion.

The firm has represented Vale for many years in significant SEC-reporting, M&A, corporate governance, financing, litigation, and arbitration matters.