Vale closed a funding of USD 412,8 million through the issue of debentures of infrastructure. The securities have exemption from income tax for physical persons and foreign investors. With good demand, which would have reached USD 1,4 billion, the operation was higher than originally planned by the company, which intended to raise USD 309,6 million, as it was determined by Valor PRO, service for real time information of Valor.
The offer from Valle was divided into four series, with maturities between seven and 15 years. The roles originally offered a prize of 0.40% to 0.75% on government securities adjusted for inflation (NTN-B), but the miner was able to reduce the interest rate it will pay to investors due to the high demand.
The expectation is that the debenture yield stays below equivalent government bonds maturing in the first two series, and in other similar rates. Therefore, the only difference in return for the investor will come from the tax benefit.
The rate reduction was also good for the banks that handled the offer – Bradesco BBI, Banco do Brasil and Itaú BBA. Besides the fixed commission, equivalent to 0.15% of the issue, something around USD 619,2 thousand, the institutions will pocket the so called success committee. The value will correspond to 25% of the economy that Vale obtains with the reduction in the interest rate on debentures.
The mining company will also pay a fee of USD 4,9 million to the agents who worked in the distribution of roles, such as brokerages, according to information from the offering prospectus. Payment varies according to how much each institution could sell.
Vale intends to use the net proceeds of the debentures to finance the project to build a rail extension in the southeast of the Pará State. In order to obtain the tax exemption, the project was framed as a priority by the Ministry of Transport.
The last time the miner had accessed the local debt market was in 2006, when it carried out an issue of USD 2,2 billion in debentures. The first series of that bid expired in 2010 and the remaining USD 1,6 billion expired last November.
The success of the capture should serve as a parameter for the next encouraged emissions of debentures. Companies like Santo Antonio Energia and GRU, Guarulhos airport concessionaire, prepare similar operations.
As for traditional debentures emissions, which do not have tax benefit and are purchased by institutional investors such as fund managers, the Vale operation should not be a reference. There is still much uncertainty about the direction of the interest rates, which reduces the appetite for private credit risk, says the manager of a large manager.
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