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Gerdau increases buyback to US$640M, launches US$650M debt issue

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Gerdau increases buyback to US$640M, launches US$650M debt issue

Brazilian steelmaker Gerdau SA said Oct. 13 that it is increasing its recently reported cash tender offer to US$640 million.

The company launched the offer earlier in the month to buy back US$500 million of its 2021, 2020 and 2024 bonds.

Gerdau also announced in a separate same-day release that it will issue US$650 million of bonds, with net proceeds earmarked to pay down debt and for working capital. The notes will carry a 4.875% coupon rate, payable semiannually in arrears.