Gerdau announces global share offering

Thursday, 14 April 2011 02:36:32 (GMT+3)   -  
SteelOrbis News

Sao Paulo, Brazil-based Gerdau S.A. announced Wednesday that it has priced its global offering of 68,026,910 common and 203,830,100 preferred shares.

The common shares are being offered to the public in Brazil at R$15.60 (US$9.80) per share and the preferred shares are being offered to the Brazilian public at R$19.25 (US$12.10) per share. The aggregate proceeds to Gerdau, after underwriting discounts and commissions, will be equivalent to approximately R$3.59 billion (US$2.26 billion). 

Gerdau's global offering consists of a registered offering in Brazil as well as an international offering in the US and abroad. The global offering is scheduled to close on April 18.

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