NEW YORK, July 29, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Vale S.A. (NYSE : VALE ). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=VALE
Highlights from our VALE Report include:
- Signing of Memorandum - In a press release dated May 19, 2015, Vale S.A reported that it has signed a memorandum of understanding with Industrial and Commercial Bank of China (ICBC) for cooperation on global financing arrangements, which would reinforce the ties between the two parties. In addition, Vale signed two three-party Memorandums of Understanding for potential financing and loan facilities with the Export-Import Bank of China (China EXIM Bank) and two leading Chinese shipping companies, under the witness of Brazilian President Dilma Rousseff and Chinese Premier Li Keqiang.
- Memorandum with ICBC - According to the terms within the MoU, ICBC, one of China's largest commercial banks, would be able to provide up to $4 billion for Vale in the form of syndicated loans, bilateral loans, export credit, trade finance, among other potential financing arrangements and services. The financial cooperation memorandum is meant to facilitate the export of Chinese equipments and provision of packaged financial services to the company.
- Memorandum with EXIM Bank and Chinese Shipping Companies - The Company informed that MoUs between Vale, the China EXIM Bank and China Ocean Shipping Company (Cosco), as well as China EXIM Bank, China Merchants Group and Vale were signed as part of Premier Li Keqiang's official visit program in Brazil. As per each Memorandum, the China EXIM Bank will consider providing a loan facility of up to $1.2 billion to both Cosco and China Merchants, respectively, to facilitate the two shipping companies' provision of iron ore shipping services to Vale.
- Memorandum with Korea Eximbank - On April 24, Vale signed a memorandum of understanding with the Export-Import Bank of Korea, focusing at cooperation between the two companies. Under the agreement, Korea Eximbank indicated its intention to consider the provision of up to $2 billion in financial support for Vale's projects. Further, the Company informed that the MoU was signed by Vale's CEO, Murilo Ferreira, and the chairman and president of Korea Eximbank, Lee Duk-Hoon, during an official ceremony attended by Brazilian president Dilma Rousseff and the president of South Korea, Park Geun-hye.
To find out how this influences our rating on Vale S.A. read the full report in its entirety here: http://www.aciassociation.com/?c=VALE
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