Gerdau increases size of buyback

Gerdau increases size of buyback

Asset Management Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Funds Brazil

Brazilian steelmaker Gerdau said Tuesday that it agreed to repurchase $300 million worth of 2021 and 2024 bonds by the early deadline on November 30. Gerdau offered on November 16 to buy back up to $230 million in bonds that mature between 2021 and 2027, but it increased the size of the deal and limited to just the 2021 and 2024 notes after investors tendered $550 million worth of outstanding bonds, the company said in a statement. Gerdau agreed to repurchase $29.1 million worth of 5.75% 2021 bo

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