Vale R$11.5 billion participating debentures
Davis Polk advised the placement agents in connection with the offering by Banco Nacional de Desenvolvimento Econômico e Social – BNDES, BNDES Participações S.A. – BNDESPar and the Federative Republic of Brazil of 214,329,234 participating debentures (debêntures participativas) issued by Vale S.A., for an aggregate amount of approximately R$11.5 billion. The debentures sold in the international offering were placed under Rule 144A and Regulation S.
Vale S.A. is one of the largest metals and mining companies in the world, based on market capitalization and one of the world’s largest producers of iron ore and nickel. This secondary offering represented the total disposal of participating debentures issued by Vale S.A. held by the Brazilian government and is part of the privatization plan sponsored by the Brazilian Ministry of Economy.
The Davis Polk corporate team included Manuel Garciadiaz, Elliot M. de Carvalho and Hugo Casella. The tax team included Kiara L. Rankin and Eitan Ulmer. Members of the Davis Polk team are based in the São Paulo and New York offices.