Gerdau To Issue $150 Million Private Short-term Debt

Brazilian steel producer Gerdau is to launch $150 million of private short-term debt to take advantage of the current investor demand for its country’s paper. The 12-month paper will yield 4.75% annually and matures in October 2006. The issue is part of a $300 million program and is being coordinated by Banco Santander. Gerdau recently launched $600 million of perpetual bonds in an issue that was heavily oversubscribed.