Gerdau opens cash tender and exchange offer

Gerdau opens cash tender and exchange offer

Bonds

Gerdau on Wednesday offered to exchange its 7.25% $1.5bn 2017 and its 7% $1.25bn 2020 bonds for cash or for a new senior unsecured 2024 bond. The steelmaker is giving priority to 2017 instrument. It will swap that note into the new 2024 at a spread of 8bp under the 2024 UST, or buy them back at a spread of 20bp over the same benchmark. The 2020s can be swapped into the new instrument at 167bp over the 2024 UST, or tendered for cash at 186bp over. Early participants get a 3% premium. The new 2024

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