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Brazilian steel company Gerdau confirmed on Thursday a US$600 million perpetual bond issue.
The yield is 8.75% annually and interest will be paid on September 2, December 2, March 2 and June 2.
The operation was lead and managed by HSBC and Citigroup.
Gerdau has the option to redeem the bonds at face value from September 2, 2010.
Demand surpassed US$3.5bn and for this reason the placement was raised from an initial US$300mn, according to the company.
Of the total issued, 46% went to investors from Asia, 32% from Europe, 20% from the US and 2% from Brazil.
By Daniela Milanese