By Paul A. Harris
St. Louis, August 1 - Vale Overseas Ltd. sold $300 million of 9¼% unsecured unsubordinated notes due Aug. 15, 2013 (Ba2) at 98.386 to yield 9¼%.
Deutsche Bank Securities Inc. and Morgan Stanley were joint bookrunners on the Rule 144A deal.
Proceeds will be used for general corporate purposes.
The issuer is a wholly owned subsidiary of Brazilian iron ore producer Companhia Vale do Rio Doce.
| Issuer: | Vale Overseas Ltd. (wholly owned subsidiary of Companhia Vale do Rio Doce)
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| Amount: | $300 million
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| Maturity: | Aug. 15, 2013
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| Security description: | Unsecured unsubordinated notes
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| Bookrunners: | Deutsche Bank Securities, Morgan Stanley
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| Coupon: | 9%
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| Price: | 98.386
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| Yield: | 9¼%
|
| Call: | Non-callable
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| Rating: | Moody's: Ba2
|
| Distribution: | Rule 144A
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