BBVA Signs on to $2.75bn Gerdau Loan

BBVA Signs on to $2.75bn Gerdau Loan

Loans

BBVA has signed on as an MLA for Gerdau's $2.75bn loan being taken out by its US unit to acquire Chaparral Steel. It is the first bank to join the three joint bookrunners – JPMorgan, HSBC and ABN AMRO – in the three-tranche financing. MLA tickets are $300m apiece, and the earlybird deadline for MLAs is Monday. The financing is heard to include a 5-year trade related piece at Libor plus 100bp, a 6-year trade related piece at Libor plus 125bp and a 5-year working capital facility also at Libor plu

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