Gerdau wraps up exchange offer

Gerdau wraps up exchange offer

Bonds

Brazil’s Gerdau has agreed to swap $411m worth of its 7.25% 2017 bond and $611m of its 7% 2020 bond for a new 2024 instrument. Gerdau offered to swap the 2017 notes at a price of 115.307, and the 2020s at 113.223. That represents a modest increase on the early tender bids: the steelmaker said that $381m worth of 2017s and $582m of 2020 paper were exchanged before the April 24 earlybird deadline. Early participants got a 3% premium. Gerdau will issue a new $1.16bn 5.89% 2024 bond for the exchange

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