Milbank advised the Export-Import Bank of China (“CEXIM”) in connection with a US$300 million term loan facility to Vale International S.A., a Swiss company, guaranteed by its parent company Vale S.A., a Brazilian multinational corporation engaged in metals and mining. Vale S.A. is one of the largest logistics operators in Brazil and the largest producer of iron ore and nickel in the world.
The financing by CEXIM will support services for Vale International S.A. under certain shipping service agreements. The transaction, which closed on November 30, involved multiple jurisdictions including Brazilian, Swiss and Chinese.
“We’re glad to have assisted CEXIM in closing this highly complex deal in a timely and successful manner,” said Shepard Liu, partner and a member of the Global Project, Energy and Infrastructure Finance Group. “We look forward to continuing to work with our client on their future financing initiatives.”
Aled Davies, partner and member of the Global Project, Energy and Infrastructure Finance Group, added: “A complicated transaction that spans jurisdictions like this requires a great deal of coordination to deliver top notch service to our client. The experience of our team and deep knowledge of the international institutions involved played a key role in making this transaction a success.”
Mr. Liu and Mr. Davies led the Milbank deal team, which included Global Project, Energy & Infrastructure Group associates Jenny Zhang and An Guo, as well as law clerk Emma Pan.
