Summary by Moomoo AI
Vale Overseas Limited, a finance subsidiary of Vale S.A., is offering US$1,000,000,000 in aggregate principal amount of its 6.400% Guaranteed Notes due 2054. The notes will pay semi-annual interest on June 28 and December 28 each year, starting December 28, 2024. Vale Overseas may redeem the notes at its option, in whole or in part, at specified redemption prices. The notes are unsecured obligations and will rank equally with Vale Overseas' unsecured senior indebtedness. Principal and interest payments will be fully and unconditionally guaranteed by Vale S.A. The guaranty will rank equally with all other unsecured and unsubordinated debt obligations of Vale. The notes will be issued in registered form in minimum denominations of US$2,000 and multiples of US$1,000 thereafter. Vale Overseas will apply to list the notes on the New York Stock Exchange. The offering involves risks detailed in the 'Risk Factors' section starting on page S-7 of the prospectus supplement. The offering is expected to settle on or about June 28, 2024.