Brazil's Gerdau starts roadshow for $300 million perpetual note offering

By Paul A. Harris

St. Louis, Sept. 9 - Gerdau SA began a roadshow on Friday in Hong Kong for its expected $300 million issue of perpetual senior fixed-rate notes (Ba1/BB-), according to market sources.

HSBC and Citigroup are the bookrunners for the Rule 144A/Regulation S offering.

A market source said that a $500 million order book has already been made for the notes, which are expected to yield in the area of 9%.

The steel company is based in Rio Grande do Sul, Brazil.

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