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Vale upsizes debt buyback to US$1.08B from US$1.00B

Vale SA said Sept. 26 that it upsized its previously announced debt buyback to about US$1.08 billion from US$1.00 billion.

The mining major capped the buyback's first pool at US$700 million, covering guaranteed 6.875% notes due 2039 and 2036 and its 7.20% debentures due 2032. The second tender group, which was uncapped, includes guaranteed 6.250% notes due 2026, 8.250% notes due 2034 and 4.375% notes due 2022.

According to Vale's Sept. 25 early tender results, it validly tendered and accepted US$263.6 million in 2039 notes, US$103.3 million in 2032 debentures, and US$193.3 million in 2036 notes under the first tender group. Under the second tender group, it accepted US$294.3 million in 2026 notes, US$66.2 million in 2034 notes and US$160.7 million in 2022 notes.

The debt buyback offer will expire Oct. 9.

Previously, Vale cut its full-year production guidance for iron ore pellets to 43 million tonnes from the previously revised 45 Mt, citing temporary market conditions.