Vale S.A.’s Liability Management Transaction

June 18, 2018

 Cleary Gottlieb represented Vale S.A. in an offer to purchase for cash any and all of its 5.625 percent notes due 2042, which commenced on June 14, 2018, and is expected to settle on June 26, 2018, and June 28, 2018.

BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Santander Investment Securities Inc. acted as joint dealer managers for the tender offer. The purpose of the offer is to retire a portion of the notes with cash on hand in order to reduce Vale’s indebtedness.

Vale is one of the largest metals and mining companies in the world, based on market capitalization. Vale is the world’s largest producer of iron ore and iron ore pellets and the world’s largest producer of nickel. Vale also produces manganese ore, ferroalloys, metallurgical and thermal coal, copper, platinum group metals (PGMs), gold, silver and cobalt.