August 09, 2008

Gerdau plans to sell USD 500 million of 10 year debt

Reuters reported that Brazilian steelmaker Gerdau is planning to sell USD 500 million of 10 year bonds in the international capital markets, reopening a bond sold last year.

As per report Gerdau plans to sell the bonds through its GTL Trade Finance Inc unit to pay down for a bridge loan it used to take over Quanex Corp.

Gerdau agreed to buy Quanex's auto parts business last year for USD 1.5 billion.

The sale on Thursday reopened a 7.25% coupon bond sold in October.