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CVRD OBTAINS SYNDICATED LOAN.
(From Asia Pulse)
(Full text of a statement, contact details below)
RIO DE JANEIRO, Brazil, April 1 /PRNewswire-AsiaNet/ -- Companhia Vale do Rio Doce (NYSE: RIO) (CVRD) informs it obtained a syndicated loan in the amount of US$ 300 million.
The term of the loan is seven years, with an average life of 4.25 years.
The cost is the 6-month LIBOR plus 0.7% per annum.
This transaction has 97.5% of political risk insurance and 95% of commercial risk insurance provided by the Japanese agency Nippon Export and Investment Insurance (NEXI). This transaction does not have any additional guarantees by CVRD and there is no link to imports or export receivables generated by the Company.
The Bank of Tokyo-Mitsubishi structured the transaction. The loan will be disbursed in installments by a bank syndicate composed of the following institutions: The Bank of Tokyo-Mitsubishi, Ltd., ABN AMRO Bank N.V., BNP Paribas, Credit Lyonnais, ING Bank N.V., Mizuho Corporate Bank, Ltd., Societe Generale, Sumitomo Mitsui Banking Corporation and UFJ Bank Limited.
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