<SEC-DOCUMENT>0001292814-24-002532.txt : 20240625
<SEC-HEADER>0001292814-24-002532.hdr.sgml : 20240625
<ACCEPTANCE-DATETIME>20240625164249
ACCESSION NUMBER:		0001292814-24-002532
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240625
DATE AS OF CHANGE:		20240625

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALE OVERSEAS LTD
		CENTRAL INDEX KEY:			0001169446
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-271248-01
		FILM NUMBER:		241069482

	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]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Issuer Free Writing Prospectus filed pursuant to
Rule 433</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Supplementing the Preliminary Prospectus Supplement
dated June 25, 2024</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration Nos. 333-271248 and 333-271248-01</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Vale Overseas Limited</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>US$1,000,000,000</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>6.400% Guaranteed Notes due 2054</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 64%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vale Overseas Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vale S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title of Securities:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.400% Guaranteed Notes due 2054 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">US$1,000,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Price to the Public:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.235% of the principal amount plus accrued interest from June&nbsp;28, 2024, if settlement occurs after that date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gross Proceeds:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">US$992,350,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Annual Interest Rate:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.400% from June&nbsp;28, 2024 based upon a 360-day year consisting of twelve 30-day months</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">June&nbsp;28, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest on the Notes will be payable semi-annually on June 28 and December 28 of each year, beginning on December 28, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Yield to Maturity:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.458%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">UST 4.250% due February 15, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Benchmark Treasury Price: </B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">98-06+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Benchmark Treasury Yield: </B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.358%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+210&nbsp;bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pricing Date:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">June&nbsp;25, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">June&nbsp;28, 2024 (T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Minimum Denominations:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">US$2,000/US$1,000</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/115% Aptos; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Aptos; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="width: 64%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0">At any time prior to December 28, 2053 (the date that is six&nbsp;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)&nbsp;100% of the principal amount of the Notes to be redeemed and (ii)&nbsp;(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 35 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>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0">At any time on or after December 28, 2053 (the date that is six&nbsp;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: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Global Coordinators and Joint Bookrunners:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BMO Capital Markets Corp.<BR>
Citigroup Global Markets Inc.<BR>
Credit Agricole Securities (USA) Inc.<BR>
HSBC Securities (USA) Inc.<BR>
MUFG Securities Americas Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Joint Bookrunners:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BofA Securities, Inc.<BR>
Goldman Sachs &amp; Co. LLC<BR>
Banco Bradesco BBI S.A.<BR>
UBS Securities LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Offering Format:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC-Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CUSIP:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">91911T AS2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ISIN:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">US91911TAS24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Expected Listing:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Application will be made to list the Notes on the New York Stock Exchange.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Governing Law:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">State of New York</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0">The issuer expects that delivery of the Notes will be made against
payment therefor on or about June&nbsp;28, 2024, which will be the third&nbsp;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&nbsp;15c6-1 of the SEC under the Exchange Act, trades
in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade the Notes prior to one business day before 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 prior to one business day before the settlement should
consult their own advisor.</P>


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<P STYLE="font: 12pt Aptos; margin: 6pt 0 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0">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; Credit Agricole Securities (USA) Inc. at +1 (866) 807-6030; HSBC Securities
(USA) Inc. at +1 (866) 811-8049; MUFG Securities Americas Inc. +1 (877) 649-6848; BofA Securities, Inc. at +1 (800) 294-1322; Goldman
Sachs &amp; Co. LLC at +1 (866) 471-2526; Banco Bradesco BBI S.A. at +1 (646) 432-6642; or UBS Securities LLC at +1 (888) 827-7275.</P>

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

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


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