Brazil-based Comphania Vale do Rio Doce (CVRD), exporter of iron ore and pellet, has closed a long-awaited $300 million deal that went out for ten years at under 9% (see ASRI 10/9/00, p. 2).

The transaction was divided into three tranches, one wrapped by MBIA and two unwrapped. Bank of America led the deal. CVRD structured the transaction as a sale of product from CVRD to its subsidiary, CVRD Overseas Ltd., based in the Cayman Islands.

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