Gerdau joins rally, raises $500m for buy back

Gerdau joins rally, raises $500m for buy back

Bonds

Gerdau sold a 30-year bond on Wednesday in a bid to raise capital for a liability management exercise. Bookrunners Bank of America, Itau, JPMorgan and Banco Santander were able to price the 144 RegS bond at 7.25%, down from initial price thoughts of high 7% area, a source said. The transaction was described as “very successful” and comes amid a rally of new LatAm issuances fueled by strong investor appetite. Proceeds from the bond sale will be used in a liability management exercise. Gerdau on W

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