Usiminas Preps $400m Bond Sale

Brazilian steelmaker Usiminas is taking the opening crack at LatAm cross-border DCM, which is otherwise dead as bankers slowly get back to work amid tricky market conditions. A roadshow starts today for the sale of up to $400m in 2018 144A/Reg S bonds. The exact sale date remains to be set. The high-grade issuer has said it plans to raise at least $3bn over the next two years to fund basic capital expenditures and manage the balance sheet. The Baa3/ BBB- deal is led by UBS and JPMorgan.