Brazilian long steelmaker Gerdau claims its Gerdau Acominas unit sold a second tranche of debt worth US$128mn under an export receivables securitisation programme designed to enhance its debt profile.
The eight-year debt, rated by Fitch as BBB-, was issued by Brazilian Steel Importer Ltd, a special purpose company created by the steel group for making offshore debt issues.
The bonds offered a spread of 282bp over five-year US Treasury bonds.
Gerdau Acominas exported 714,000t of steel products in the first quarter, generating US$220mn in revenues, the steelmaker said. Acominas’ exports represented 43.8% of its total sales which reached 1.6Mt.