World's Largest Iron Ore Miner in Latin America’s Largest Convertible Bond Offering Ever

June 25, 2007

Cleary Gottlieb represented Companhia Vale do Rio Doce, the world’s largest iron ore miner, in its $1.88 billion mandatorily convertible bond offering, the largest corporate convertible bond offering ever by a Latin American borrower. The offering was comprised of two series: $1.30 billion of 5.50% Guaranteed Notes due 2010 (Series RIO) and $584.54 million of 5.50% Guaranteed Notes due 2010 (Series RIO P). On the maturity date, the series will convert into ADSs representing common CVRD shares and preferred class A CVRD shares. The deal closed on June 25.

The offering was SEC-registered, using an automatic shelf registration statement filed the morning the deal was launched.