Vale plans to sell 10-year dollar bonds by June, source says

SAO PAULO Tue Feb 18, 2014 11:11am EST

SAO PAULO Feb 18 (Reuters) - Vale SA, the world's largest iron ore producer, will move forward with a planned offering of 10-year, U.S. dollar-denominated global bonds during the first half of the year, a source with direct knowledge of the transaction said.

The sale of the senior notes will take place when market conditions look most favorable to lower the Rio de Janeiro-based company's borrowing costs, said the source, who declined to be identified since the transaction is still being analyzed. The source declined to detail potential terms of the deal, such as the size of the issue.

A spokesman for the Rio de Janeiro-based company declined to comment on the potential sale. (Reporting by Guillermo Parra-Bernal; Additional reporting by Jeb Blount in Rio de Janeiro Editing by W Simon)

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