Gerdau Refinances Revolver

Gerdau Refinances Revolver

Brazil Loans

Brazil’s Gerdau has completed syndication of a new $1.5bn revolver with 12 banks, according to people familiar with the matter. The 3-year facility replaces an existing revolver and pays Libor+175bp if drawn, and offers commitment fees of 47.25bp. It is divided into a $500m USD-denominated tranche covering Gerdau subsidiaries in the US and Canada, and a $1.0bn multi-currency tranche covering subsidiaries outside the US and Canada. BBVA, BNP Paribas, Bank of America Merrill Lynch, Citi, HSBC, JPM

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