NEW YORK, Nov 29 (IFR) - Brazilian miner Vale plans to refinance around US$2bn of debt next year, CFO Luciano Siani said on the sidelines of the company's investor day in New York on Tuesday.
Vale, rated Ba3/BBB-/BBB, will focus on debt coming due in 2018, though not all of that would be refinanced with the sale of new bonds, he said.
"Part of (the 2018 debt) is very low cost, so there should be no expectation that Vale will refinance all of that," he said. "But we will try to refinance approximately US$2bn."
Vale, the world's top iron ore producer, has tapped the international bond markets twice this year to raise US$2.25bn. As well as pushing out debt maturities, it has also reduced leverage through asset sales.
Siani said the company plans to bring total debt to US$15-$17bn in 2017 from roughly double that amount at the start of 2016. (Reporting by Davide Scigliuzzo; Editing by Natalie Harrison and Marc Carnegie)