Gerdau bumps up buyback

Gerdau bumps up buyback

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Brazil

Brazil's Gerdau said it has agreed to buy back $1.04bn in outstanding bonds that expire between 2020 and 2024. The steelmaker announced the buyback on November 15, saying it planned acquire up to $900m in fives series of notes due from 2020 to 2027. After investors tendered a total of $1.35bn in bonds, Gerdau agreed to increase the offer. Gerdau said it will buy $284m in 7% 2020 bonds, $194m in 5.75% 2021s, $232m in 4.75% 2023s and $290m in 5.893% 2024s. The company did not accept any 4.875% 202

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