Vale Said to Sign $1 Billion Bank Funding Backed by Glencore

  • Glencore said to help organize bank syndicate for loan
  • Swiss trading house retains minimal exposure to Vale borrowing

Vale SA borrowed $1 billion from a global assembly of banks, guaranteeing it with iron-ore shipments to Glencore Plc, people with knowledge said, in an arrangement that shows the cash squeeze faced by miners.

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