Gerdau Increases Private Placement To $200 Million

Brazilian steel producer Gerdau has placed $200 million of private short-term debt, raising the planned amount of the issue by $50 million in response to strong demand. The 12-month paper will pay an annual return of 5% and mature in October 2006. The steel producer is taking advantage of the strong investor demand for its country’s paper to refinance its debt. The issue is part of a $300 million program and is being coordinated by Banco Santander.