Vale and Vale Overseas Limited Conduct Concurrent Liability Management Transactions

Cleary Gottlieb represented Vale S.A. and its wholly owned subsidiary Vale Overseas Limited in concurrent liability management transactions reducing Vale S.A.’s outstanding debt by over $2.24 billion:

• On March 14, 2018, Vale Overseas announced a full redemption of its 4.625 percent guaranteed notes due 2020, to settle on April 17, 2018, and concurrent cash tender offers for $1.75 billion in outstanding notes.
• On March 21 and 22, 2018, Vale Overseas repurchased an aggregate principal amount of over $969 million of its 5.875 percent guaranteed notes due 2021.
• On March 28, 2018, Vale Overseas repurchased an aggregate principal amount of over $788 million of its 4.375 percent guaranteed notes due 2022.