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Gerdau issuing 1.5B reais in debentures

Gerdau SA said Nov. 12 that it will issue 1.50 billion Brazilian reais in nonconvertible debentures with a unit face value of 1,000 reais on the issue date.

The debentures will mature Nov. 21, 2022, and will yield an interest rate corresponding to 106.50% of the cumulative variation in the average daily one-day overnight rate.

The Brazilian steelmaker will use the proceeds to strengthen its cash position.

As of Nov. 9, US$1 was equivalent to 3.76 Brazilian reais.