Brazil's Vale do Rio Doce Company has just announced the sale of US$ 1 billion in bonds to 175 investors in Latin America, Europe, the United States, and Asia.

According to company president Roger Agnelli, the bond issue was transacted at the lowest cost ever for a Brazilian 10-year title, at an annual interest rate of about 6.25%.

"The Vale company took advantage of the favorable conditions on the global capital market and investor confidence in its financial soundness," Agnelli affirmed.

According to the executive, this was the largest bond issue ever made by a Brazilian company on foreign capital markets. The funds obtained through the operation will be used to cover the company's financial requirements.

ABr

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