Gerdau Looking for $1bn Loan

Gerdau, the largest producer of long steel in the Americas, has put out an RFP for a dual tranche, $1bn 3-year facility, according to bankers with knowledge of the transaction. Each tranche is expected to be for $500m. The loan is for working capital purposes, and will replace other short-term bilateral loans. The first tranche be used by its US and Canada subsidiaries, with the second tranche will be used by its other subsidiaries. Gerdau has steel mills in Canada, the US, Argentina, Brazil, Chile, Colombia, Dominican Republic, Guatemala, Mexico, Peru, Uruguay, Venezuela, Spain and India.