<SEC-DOCUMENT>0001292814-23-002604.txt : 20230608
<SEC-HEADER>0001292814-23-002604.hdr.sgml : 20230608
<ACCEPTANCE-DATETIME>20230607204849
ACCESSION NUMBER:		0001292814-23-002604
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230608
DATE AS OF CHANGE:		20230607

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALE OVERSEAS LTD
		CENTRAL INDEX KEY:			0001169446
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-271248-01
		FILM NUMBER:		231000447

	BUSINESS ADDRESS:	
		STREET 1:		AV. GRACA ARANHA
		STREET 2:		#26
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			2005-900
		BUSINESS PHONE:		011552138144845

	MAIL ADDRESS:	
		STREET 1:		PO BOX 908
		STREET 2:		GT WALKER HOUSE
		CITY:			GEORGETOWN
		STATE:			E9
		ZIP:			00000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
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<TYPE>FWP
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<FILENAME>vale20230607_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3.95pt 145.7pt 0 147.55pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: right; color: rgb(34, 34, 34); font: 400 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; background-color: rgb(255, 255, 255)"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Issuer
Free Writing Prospectus filed pursuant to Rule 433</B></FONT></P>

<P STYLE="text-align: right; color: rgb(34, 34, 34); font: 400 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; background-color: rgb(255, 255, 255)"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Supplementing
the Preliminary Prospectus Supplement dated June 7, 2023</B></FONT></P>

<P STYLE="text-align: right; color: rgb(34, 34, 34); font: 400 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; background-color: rgb(255, 255, 255)"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Registration
Nos. 333-271248 and 333-271248-01</B></FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3.95pt 145.7pt 0 147.55pt; text-align: center"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3.95pt 145.7pt 0 147.55pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3.95pt 145.7pt 0 147.55pt; text-align: center"><B><U>FINAL TERM <FONT STYLE="letter-spacing: -0.1pt">SHEET</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 145.7pt 0 2.05in; text-align: center"><B>Vale Overseas Limited <FONT STYLE="letter-spacing: -0.1pt"></FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 145.7pt 0 2.05in; text-align: center"><B><FONT STYLE="letter-spacing: -0.1pt">US$1,500,000,000</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 145.7pt 0 147.7pt; text-align: center"><B>6.125% Guaranteed Notes due <FONT STYLE="letter-spacing: -0.2pt">2033</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0.05pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-left: 2.5pt; line-height: 13.3pt"><FONT STYLE="letter-spacing: -0.1pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 65%; padding-left: 9.95pt; line-height: 13.3pt">Vale Overseas <FONT STYLE="letter-spacing: -0.1pt">Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><FONT STYLE="letter-spacing: -0.1pt"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">Vale <FONT STYLE="letter-spacing: -0.2pt">S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Title of <FONT STYLE="letter-spacing: -0.1pt">Securities:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">6.125% Guaranteed Notes due 2033 (the <FONT STYLE="letter-spacing: -0.1pt">&ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Aggregate Principal <FONT STYLE="letter-spacing: -0.1pt">Amount:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt"><FONT STYLE="letter-spacing: -0.1pt">US$1,500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Price to the <FONT STYLE="letter-spacing: -0.1pt">Public:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">99.117% of the principal amount plus accrued interest from June 12, 2023, if settlement occurs after that date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Gross <FONT STYLE="letter-spacing: -0.1pt">Proceeds:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt"><FONT STYLE="letter-spacing: -0.1pt">US$1,486,755,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Annual Interest <FONT STYLE="letter-spacing: -0.2pt">Rate:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">6.125% from June 12, 2023 based upon a 360-day year consisting of twelve 30-day months</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Maturity <FONT STYLE="letter-spacing: -0.1pt">Date:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">June 12, <FONT STYLE="letter-spacing: -0.2pt">2033</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Interest Payment <FONT STYLE="letter-spacing: -0.1pt">Dates:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 7.9pt; padding-left: 9.95pt">Interest on the Notes will be payable semi-annually on June 12 and December 12 of each year, beginning on December 12, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Yield to <FONT STYLE="letter-spacing: -0.1pt">Maturity:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt"><FONT STYLE="letter-spacing: -0.1pt">6.245%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Benchmark <FONT STYLE="letter-spacing: -0.1pt">Treasury:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">UST 3.375% due May 15, <FONT STYLE="letter-spacing: -0.2pt">2033</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Benchmark Treasury <FONT STYLE="letter-spacing: -0.1pt">Price:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt"><FONT STYLE="letter-spacing: -0.1pt">96-</FONT><FONT STYLE="letter-spacing: -0.25pt">17+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Benchmark Treasury <FONT STYLE="letter-spacing: -0.1pt">Yield:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt"><FONT STYLE="letter-spacing: -0.1pt">3.795%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 1.15pt; padding-left: 2.5pt"><B>Spread to Benchmark <FONT STYLE="letter-spacing: -0.1pt">Treasury:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">+245 <FONT STYLE="letter-spacing: -0.25pt">bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Pricing <FONT STYLE="letter-spacing: -0.1pt">Date:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">June 7, <FONT STYLE="letter-spacing: -0.2pt">2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Settlement <FONT STYLE="letter-spacing: -0.2pt">Date:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt">June 12, 2023 <FONT STYLE="letter-spacing: -0.1pt">(T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Minimum <FONT STYLE="letter-spacing: -0.1pt">Denominations:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 9.95pt"><FONT STYLE="letter-spacing: -0.1pt">US$2,000/US$1,000</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Optional <FONT STYLE="letter-spacing: -0.1pt">Redemption:</FONT></B></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 5.5pt 3pt 0 6.9pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 5.5pt 3pt 0 6.9pt">At any time prior to March 12, 2033 (the date that is
    three months prior to the maturity date of the Notes), the Company may redeem the Notes, in whole or in part, at a redemption price equal to the greater of (i) 100% of the
    principal amount of the Notes to be redeemed and (ii) (a) the sum of the present values of the remaining scheduled payments of the principal
    and interest thereon discounted to the redemption date on a semi-annual basis at the Treasury Rate plus 40 basis points less (b) interest
    accrued to the date of redemption, plus, in each case, accrued and unpaid interest on such Notes to the date of redemption.</p></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 65%">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 5.5pt 3pt 0 6.9pt">At any time on or after March 12, 2033 (the date that is
    three months prior to the maturity date of the Notes), the Company may redeem the Notes, in whole or in part, at a redemption price equal
    to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on such Notes to the date of redemption.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Global Coordinators and Joint <FONT STYLE="letter-spacing: -0.1pt">Bookrunners:</FONT></B></TD>
    <TD>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 5.75pt 109.25pt 0 6.9pt">BMO Capital Markets Corp. <BR>
Citigroup Global Markets
    Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6.9pt">J.P. Morgan Securities <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 16.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5pt"><B>Joint <FONT STYLE="letter-spacing: -0.1pt">Bookrunners:</FONT></B></P></TD>
    <TD>
    <P STYLE="font: 12pt/7.55pt Times New Roman, Times, Serif; margin: 0 0 0 6.9pt">Scotia Capital (USA) <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 109.25pt 0 6.9pt">Credit Agricole Securities (USA) Inc. <BR>
MUFG Securities
    Americas Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6.9pt">SMBC Nikko Securities America, <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Offering <FONT STYLE="letter-spacing: -0.1pt">Format:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 6.9pt"><FONT STYLE="letter-spacing: -0.1pt">SEC-Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><FONT STYLE="letter-spacing: -0.1pt"><B>CUSIP:</B></FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 6.9pt">91911T <FONT STYLE="letter-spacing: -0.25pt">AR4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><FONT STYLE="letter-spacing: -0.1pt"><B>ISIN:</B></FONT></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 6.9pt"><FONT STYLE="letter-spacing: -0.1pt">US91911TAR41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt"><B>Expected <FONT STYLE="letter-spacing: -0.1pt">Listing:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 3pt; padding-left: 6.9pt">Application will be made to list the Notes on the New York Stock Exchange.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-left: 2.5pt; line-height: 12.8pt"><B>Governing <FONT STYLE="letter-spacing: -0.2pt">Law:</FONT></B></TD>
    <TD STYLE="padding-top: 5.75pt; padding-left: 6.9pt; line-height: 12.8pt">State of New <FONT STYLE="letter-spacing: -0.2pt">York</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 7.4pt 0 5.95pt">The issuer expects that delivery of the Notes will be
made against payment therefor on or about June 12, 2023, which will be the third business day in New York following the date of pricing
of the Notes (this settlement cycle being referred to as &ldquo;T+3&rdquo;). Under Rule 15c6-1 of the SEC under the Exchange Act, trades
in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade on the date prior to the settlement may be required, by virtue of the fact that the Notes initially
will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers
of the Notes who wish to trade the Notes on the date of pricing or the next succeeding business days should consult their own <FONT STYLE="letter-spacing: -0.1pt">advisor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 7.4pt 0 5.95pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 7.4pt 0 5.95pt"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0.5pt; margin-bottom: 0">2&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3.95pt 7.4pt 0 5.95pt">The issuer and guarantor have filed a registration
statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read
the prospectus in that registration statement and other documents the issuer and the guarantor have filed with the SEC for more complete
information about the issuer, the guarantor and this offering. You may get these documents for free by visiting EDGAR on the SEC web site
at <I>www.sec.gov.</I> Alternatively, the underwriters will arrange to send you the prospectus if you request it by calling: BMO Capital
Markets Corp. at +1 (866) 864-7760; Citigroup Global Markets Inc. at +1 (800) 831-9146; J.P. Morgan Securities LLC at +1 (212) 834-4533;
Scotia</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt">Capital (USA) Inc. at +1 (800) 372-3930; Credit Agricole Securities
(USA) Inc. at +1 (866) <FONT STYLE="letter-spacing: -0.2pt">807-</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">6030; MUFG Securities Americas Inc. +1 (877) 649-6848; or SMBC
Nikko Securities <FONT STYLE="letter-spacing: -0.1pt">America,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">Inc. at +1 (800) 868-<FONT STYLE="letter-spacing: -0.1pt">6856.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 7.4pt 0 5.95pt">Any disclaimer or other notice that may appear below is
not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this
communication being sent by Bloomberg or another email system.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 7.4pt 0 5.95pt">&nbsp;</P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0.5pt; margin-bottom: 0">3</P>

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