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Brazil's Gerdau Steel talks $300 million fixed-rate perpetual notes at 9%-9¼%
By Paul A. Harris
St. Louis, Sept. 12 - Gerdau SA is expected to issue $300 million of senior fixed-rate perpetual notes (Ba1/BB-), which are talked to yield 9% to 9¼%, according to a market source.
The roadshow concludes Tuesday in London, with pricing expected thereafter.
HSBC and Citigroup are the bookrunners for the Rule 144A/Regulation S offering.
A market source said Friday that the order book for Gerdau's proposed perpetual notes had already topped $500 million.
The company is a Rio Grande do Sul, Brazil, steel company.
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