The board of Brazilian integrated steelmaker Gerdau has allowed the company to obtain a global credit facility of $800 million, the company said. Gerdau will use the funds to back its working capital needs.
The company named the loan as “senior unsecured global working capital credit agreement.” The loan has a five-year tenure, which will be counted effectively from the date the deal is signed.
The global credit facility will be awarded to Gerdau SA, Gerdau Aços Longos SA and Gerdau Açominas. The Bank of New York Mellon will manage the loan.