CVRD to pay additional interest on 5.5% mandatorily convertible notes

By Jennifer Chiou

New York, April 10 - Companhia Vale do Rio Doce (CVRD) said it will pay additional interest to holders of the 5.5% mandatorily convertible notes due June 15, 2010 issued by its subsidiary, Vale Capital Ltd., in two series, RIO and RIO P.

The company said that the additional interest paid per series RIO note and per series RIO P note will be an amount in dollars equivalent to R$0.819988 and R$0.973215, respectively, converted at the actual Brazilian real/dollar exchange rate on April 30.

The additional interest will be paid to noteholders on record as of April 15. The trustee, the Bank of New York, will pay the noteholders on May 7.

Previously, the company paid additional interest for the series RIO notes and series RIO P notes in a dollar amount equivalent to R$0.659381778 and R$0.782596840 per note, respectively, converted at the actual Brazilian real/dollar exchange rate on Oct. 31.

CVRD is a Rio de Janeiro-based diversified metals and minerals mining company.

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