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Financial News: VALE: Company Raises US$ 2.6 Billion For Nacala

VALE: Company Raises US$ 2.6 Billion For Nacala Corridor Project

03/21/2018 - 16:52:00 (RTTNews)

(RTTNews) - Brazilian mining company Vale received US$ 2.6 billion from loans granted by shareholders for the construction of the Nacala Logistics Corridor.

In a statement, Vale noted that the proceeds are net of certain premiums and commissions paid, or to be paid, by the Nacala Logistic Corridor (NLC).

According to the miner, "the funds will be used to strengthen the company's balance sheet and reduce its indebtedness, following the strategy of generating shareholder value."

Vale signed NLC's financing contracts in November. The agreement stated that NLC would raise a total of US$ 2.730 billion - US$ 1.030 billion from Japan Bank for International Cooperation (JBIC), US$ 1.400 billion in insured loans from various banks and US$ 300 million from the African Development Bank (AfDB).

The project finance facility would be repaid in 14 years with the proceeds generated from the tariff related to the coal transportation services and from general cargo services provided by NLC. The tariff was introduced in April 2017 upon the completion of the equity transaction with Mitsui and the subsequent deconsolidation of NLC.

The Nacala project finance completes the investment structure devised to support the ramp-up of the logistic corridor until its full capacity utilization.

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