São Paulo – Brazilian mining company Vale has completed arrangements for a syndicated loan – known as a revolving credit facility – for US$ 3 billion, with repayment due in five years, it reported this Friday (15th). The participating syndicate comprises 24 global banks, led by BNP Paribas, Citibank, Crédit Agricole and Sumitomo.
Revolving credit is the type that remains on standby and is replenished as the debtor pays the installments they are due. This operation will replace another US$ 3 billion loan taken in 2011. Vale can withdraw US$ 2 billion until 2018 and the entire US$ 3 by 2020. The mining company also has another active line of credit for US$ 2 billion.
Translated by Gabriel Pomerancblum
