Narrative
Full Description
Project narrative
On June 9, 2017, Vale S.A.—a Brazilian mining and metals company that primarily produces iron ore and nickel—announced that it had secured a $2 billion syndicated revolving credit facility for liquidity support from 18 banks, including the Industrial and Commercial Bank of China. The revolving credit facility had a 5 year maturity. The syndicated loan lead arrangers are Citibank, Crédit Agricole, RBC Capital Markets and The Bank of Nova Scotia. The following banks also contributed to the syndicated loan: ABN AMRO, Bank of Montreal, Deutsche, Mizuho, Sumitomo, UniCredit Bank, HSBC, Industrial and Commercial Bank of China, JPMorgan, Société Générale, Standard Chartered, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ and Natixis. This revolving credit facility would replace a $2 billion line of credit from 2013 with a 5 year maturity, which would be cancelled. Vale S.A. had another existing $3 billion syndicated revolving credit facility from 2015 with a 5 year maturity (see Record ID #98743 for ICBC's contribution to the 2015 facility). As of the signing of the 2017 agreement, Vale's total available amount in revolving credit facilities was $5 billion after the cancellation of the 2013 facility. On March 24, 2020, Vale S.A. announced its decision to disburse the total available amount ($5 billion) from its revolving credit facilities to support short-term liquidity management and combat risks to its balance sheet from the COVID-19 pandemic. Then, on September 14, 2020, Vale S.A. announced its repayment of the $5 billion to fully restore the availability of the revolving credit facilities.
Staff comments
1. The breakdown of contributions between the 18 banks to this $2 billion revolving credit facility is unknown. For now, AidData has assumed that each bank contributed equally ($111,111,111) to the syndicated loan.