OREANDA-NEWS. Vale announces that it has entered into a contract for a five-year revolving credit line facility of USD 2 billion in a best effort transaction.

The revolving credit line was arranged by a bank syndicate comprised by 16 global commercial banks. The syndicate includes the following banks: Barclays, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, CrЁ¦dit Agricole, Citibank, Deutsche Bank, HSBC, Intesa San Paolo, JP Morgan, Mizuho, Natixis, Royal Bank of Canada, The Bank of Nova Scotia, SociЁ¦tЁ¦ GЁ¦nЁ¦rale, Standard Chartered and Sumitomo.

Vale and some of its wholly-owned subsidiaries can draw funds over the five-year tenor of the facility.With this facility the total amount of revolving credit lines is USD 5 billion, as we already have an existing USD 3 billion line, which will mature in 2016. The revolving credit lines work as a short term liquidity buffer that enhances our liquidity and allows more efficient cash management, consistent with Vale's strategic focus on cost of capital reduction.